Aiming, Inc. (3911) AI Stock Analysis

• Market Cap: ¥9.90B
• Dividend Yield: N/A
• Average Volume (3M): 219.71K
• Price to Earnings (P/E): 9.1
• Beta (1Y): 0.71
• Revenue Growth: 11.15%
• EPS Growth: N/A
• Country: JP
• Employees: 705
• Sector: Communication Services
• Sector Strength: 97
• Industry: Electronic Gaming & Multimedia
• EPS (TTM): -1.90
• Shares Outstanding: 46,705,300
• 10 Day Avg. Volume: 232,900
• 30 Day Avg. Volume: 219,713
• PEG Ratio: -0.02
• Price to Book (P/B): 1.52
• Price to Sales (P/S): 0.66
• P/FCF Ratio: 2.32
• 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: 62 Neutral
• Price Target: ¥237.00 ▲(5.80% Upside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is driven primarily by solid financial stability (low leverage) and a 2025 rebound to profitability and strong cash flow, balanced against weak technicals with the stock trading below key moving averages and negative MACD. A low P/E provides some valuation support, but recent revenue declines and prior volatility in earnings and cash flow limit the overall rating.

Positive Factors

Balance-sheet strength

A very low-debt, equity-heavy balance sheet gives the company durable financial flexibility. Low leverage reduces default and refinancing risk, supports steady investment or M&A, and helps absorb cyclical gaming demand swings without needing frequent external capital.

Cash-flow recovery

The sharp 2025 cash-flow rebound materially improves internal funding capacity for development, marketing, and working capital. Sustained positive cash conversion would lower financing needs and strengthen reinvestment ability, aiding long-term product and content cycles.

Return to profitability

Restored operating profit and net income indicate margin recovery and better cost or revenue mix execution. If sustained, this supports durable earnings power, internal capital generation for growth initiatives, and the potential to rebuild shareholder returns over time.

Negative Factors

Declining revenue trend

Consecutive years of falling sales undermine the sustainability of the profitability rebound. Persistent revenue weakness would strain margins and cash flow over time, forcing reliance on cost cuts or one-off gains rather than organic growth-driven durability.

Volatile cash generation

Large year-to-year swings in operating cash flow raise execution risk for a company that needs steady content investment cycles. Volatility complicates budgeting and increases the chance of needing external financing during downturns, reducing long-term resilience.

Earnings volatility

Multi-year swings between loss and profit signal structural variability in demand, product performance, or cost control. Such earnings unpredictability limits strategic planning, raises investor and creditor uncertainty, and can hinder consistent reinvestment or dividend policies.

Aiming, Inc. Business Overview & Revenue Model

Company Description

Aiming Inc. engages in the planning, production, development, and operation of online games for PCs, browsers, smartphones, home consoles, and mobile phones in Japan. The company was incorporated in 2011 and is headquartered in Tokyo, Japan.

How the Company Makes Money

Aiming, Inc. generates revenue primarily through the sale of in-app purchases and advertisements within its mobile games. The company utilizes a freemium model, allowing users to download and play games for free while offering optional purchases for upgrades, virtual goods, and additional content. This model encourages a large user base and drives significant revenue from players willing to spend on enhancing their gaming experience. Additionally, Aiming, Inc. may form strategic partnerships with other gaming companies or platforms to expand its reach and user engagement, contributing further to its earnings. Advertising revenue from partnerships with ad networks also serves as a key revenue stream, as the company monetizes its user base through targeted ads displayed within its games.

Aiming, Inc. Financial Statement Overview

Summary

Balance sheet strength is a key positive (low debt and sizable equity), but operating results have been uneven. The company returned to profitability and strong cash flow in 2025, yet recent revenue declines (2024–2025) and prior losses/cash burn keep the financial profile in the mid range.

Income Statement

Profitability has been volatile: the company moved from losses in 2023–2024 back to solid profitability in 2025 (annual) with positive operating profit and net income. Revenue trends are a key concern, with sales declining in 2024 and again in 2025 after earlier growth. Margins were strong in earlier years and appear to have improved again with the 2025 return to profit, but the multi-year swing from profit to losses and back suggests an uneven earnings base.

Balance Sheet

The balance sheet looks conservative with very low debt relative to equity across the period, including minimal debt in 2024–2025 and only a moderate debt load in 2023. Equity remains sizable versus total assets, supporting financial flexibility. The main weakness is that shareholder returns were negative during the loss years (2023–2024), indicating that while leverage risk is low, profitability can still materially impact balance-sheet compounding.

Cash Flow

Cash generation has been inconsistent. Operating and free cash flow were negative in 2022–2024, then rebounded sharply to strongly positive levels in 2025 (annual), which is a meaningful improvement. However, the prior stretch of cash burn and the large year-to-year swing in operating cash flow suggest cash conversion can be volatile, raising execution risk if profitability softens again.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	17.98B	15.83B	17.09B	18.20B	13.67B	12.05B
Gross Profit	11.31B	9.58B	9.48B	10.09B	7.51B	7.50B
EBITDA	1.60B	2.15B	-16.95M	-1.07B	330.70M	1.45B
Net Income	1.42B	1.09B	-341.11M	-2.23B	601.88M	1.17B
Balance Sheet
Total Assets	8.67B	9.21B	8.15B	7.40B	8.60B	7.20B
Cash, Cash Equivalents and Short-Term Investments	4.52B	5.50B	2.87B	2.88B	5.25B	5.49B
Total Debt	346.00K	100.00M	659.00K	500.00M	0.00	0.00
Total Liabilities	1.90B	2.31B	2.09B	2.62B	1.77B	969.97M
Stockholders Equity	6.65B	6.88B	5.79B	4.47B	6.74B	6.23B
Cash Flow
Free Cash Flow	0.00	4.51B	-1.31B	-1.28B	-376.50M	698.53M
Operating Cash Flow	0.00	4.53B	-964.00M	-1.15B	-350.92M	746.01M
Investing Cash Flow	0.00	-1.67B	-215.00M	-695.00M	-262.58M	225.69M
Financing Cash Flow	0.00	-221.85M	1.18B	-502.00M	381.11M	41.09M

Aiming, Inc. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 224.00
• 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:3911, the sentiment is Negative. The current price of 224 is above the 20-day moving average (MA) of 218.95, below the 50-day MA of 224.86, and below the 200-day MA of 247.00, indicating a bearish trend. The MACD of -4.23 indicates Positive momentum. The RSI at 41.29 is Neutral, neither overbought nor oversold. The STOCH value of 15.94 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:3911.

Aiming, Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
3912	76 Outperform	¥10.23B	17.91	25.60%	5.18%	5.17%	1662.63%
3904	66 Neutral	¥7.31B	11.02	―	0.75%	12.70%	2207.66%
3911	62 Neutral	¥9.90B	9.11	―	―	11.15%	―
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
3903	46 Neutral	¥17.42B	5.72	―	―	-37.68%	―
4175	44 Neutral	¥10.25B	-150.24	―	―	16.70%	87.76%
3793	42 Neutral	¥11.64B	-5.89	―	―	93.85%	-216.24%