Open Door (3926) AI Stock Analysis

• Market Cap: ¥10.70B
• Dividend Yield: N/A
• Average Volume (3M): 96.72K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.68
• Revenue Growth: -1.93%
• EPS Growth: 14.92%
• Country: JP
• Employees: 186
• Sector: Communication Services
• Sector Strength: 97
• Industry: Internet Content & Information
• EPS (TTM): -31.75
• Shares Outstanding: 31,260,000
• 10 Day Avg. Volume: 120,220
• 30 Day Avg. Volume: 96,723
• PEG Ratio: 5.37
• Price to Book (P/B): 4.35
• Price to Sales (P/S): 7.85
• P/FCF Ratio: -779.18
• 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): -8.7
• Revenue Forecast (FY): ¥2.40B

• Rating: 49 Neutral
• Price Target: ¥363.00 ▲(13.79% Upside)
• Action: Reiterated Date: 12/30/25
• Date: Action: Reiterated 12/30/25

The score is primarily supported by a strong, low-risk balance sheet (zero debt) and improving cash burn, but is weighed down by ongoing losses, recently declining revenue, and a weak longer-term price trend (below 50/100/200-day averages with negative MACD).

Positive Factors

Zero debt / strong balance sheet

The company’s zero-debt balance sheet meaningfully reduces financial risk and interest burden, giving management flexibility to fund operations, product development, or M&A without refinancing pressure. This structural strength supports survival through losses and volatile revenues.

Improving cash burn

Material improvement in cash burn and a move to only slightly negative operating/free cash flow reduces near-term liquidity risk. If sustained, improved cash conversion demonstrates management’s cost control and moves the business closer to self-funded growth and durable operational stability.

High gross profit margin (~60%)

A gross profit margin near 60% indicates strong unit economics and pricing power in core products. High gross margins create scope for operating leverage—if revenue stabilizes, the company can convert modest sales growth into margin expansion and eventual operating profitability.

Negative Factors

Ongoing net losses

Persistent negative operating profit and net losses mean the company is not yet generating returns on capital. Continued losses erode equity over time, require external funding or drawdowns, and prolong the timeline to shareholder value creation absent a sustained path to profitability.

Recent revenue decline

Year-over-year revenue decline signals weakening demand or market share pressures. Falling top line makes it harder to leverage high gross margins, lengthens the break-even timeline, and raises execution risk for management’s plans to restore sustainable growth.

Cash flow not yet sustainable

Although cash burn has improved, operating and free cash flow remain slightly negative and inconsistent. Until cash flow turns reliably positive, the company faces funding risk, constrained strategic optionality, and dependence on capital markets or shareholders for operating continuity.

Open Door Business Overview & Revenue Model

Company Description

OpenDoor Inc. provides Web services through the Internet in Japan. The company operates Travelko, a travel comparison site; TRAVELKO, a multi-language travel comparison site; and GALLERY JAPAN, a Japanese traditional art crafts site. It is also involved in the development and provision of online systems for the Internet and mobile phones; and planning and operation of software development and content delivery. OpenDoor Inc. was incorporated in 1997 and is headquartered in Tokyo, Japan.

How the Company Makes Money

Open Door makes money primarily through the buying and selling of residential properties. The company purchases homes directly from sellers, often making cash offers to expedite the transaction process. Once acquired, these properties are renovated, if necessary, and then resold on the open market. Open Door generates revenue from the difference between the purchase price and resale price of the properties, as well as from service fees charged to sellers. Additionally, the company offers ancillary services such as mortgage financing and title insurance, which provide additional revenue streams. Strategic partnerships with real estate agents and technology providers enhance their service offerings and contribute to their overall earnings.

Open Door Financial Statement Overview

Summary

Balance sheet strength (no debt; solid equity cushion) is a major positive, but overall performance is held back by continued net losses and negative operating profit. Cash burn has improved substantially versus the prior year, yet operating/free cash flow are still slightly negative and revenue has recently declined.

Income Statement

Profitability remains the key weak spot: the latest annual period (2025-03-31) shows negative operating profit and a net loss, although losses narrowed versus the prior year. Gross profit margin is still solid (~60%), but operating costs continue to more than offset this. Revenue has also softened most recently (down year over year), which increases the difficulty of returning to sustainable profitability.

Balance Sheet

The balance sheet is a clear strength: total debt is reported at zero across periods, implying very low financial risk and strong flexibility. Equity remains sizable relative to assets, providing a meaningful cushion. The main weakness is returns: with ongoing net losses, return on equity is negative, indicating the capital base is not currently generating positive earnings.

Cash Flow

Cash generation is improving but still inconsistent. In the latest year, operating cash flow and free cash flow are only slightly negative, a major improvement from the large cash burn in 2024; however, cash flow is not yet reliably positive. The company’s ability to translate reported earnings into cash remains volatile, which adds execution risk until operating cash flow turns sustainably positive.

Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	2.38B	2.41B	2.56B	2.06B	1.20B	1.12B
Gross Profit	1.41B	1.44B	1.67B	1.22B	539.41M	475.04M
EBITDA	-85.09M	-73.02M	-153.13M	-14.49M	-584.00M	-707.00M
Net Income	-147.37M	-120.69M	-170.16M	-44.66M	-544.80M	-652.16M
Balance Sheet
Total Assets	4.68B	4.80B	5.66B	6.40B	5.37B	6.70B
Cash, Cash Equivalents and Short-Term Investments	2.11B	2.21B	2.63B	2.99B	3.02B	2.92B
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	461.94M	457.53M	551.70M	734.36M	280.98M	485.84M
Stockholders Equity	4.21B	4.34B	5.11B	5.67B	5.09B	6.21B
Cash Flow
Free Cash Flow	0.00	-24.24M	-351.07M	-21.89M	101.51M	-1.21B
Operating Cash Flow	0.00	-4.68M	-313.00M	-7.33M	117.73M	-1.15B
Investing Cash Flow	0.00	-413.88M	-48.08M	-23.99M	-17.10M	-1.58B
Financing Cash Flow	0.00	-21.00K	-34.00K	0.00	-165.00K	0.00

Open Door Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 319.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:3926, the sentiment is Neutral. The current price of 319 is below the 20-day moving average (MA) of 337.35, below the 50-day MA of 329.50, and below the 200-day MA of 412.25, indicating a neutral trend. The MACD of 9.55 indicates Negative momentum. The RSI at 51.69 is Neutral, neither overbought nor oversold. The STOCH value of 32.15 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for JP:3926.

Open Door Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
7047	79 Outperform	¥32.32B	11.63	―	0.11%	31.33%	34.22%
4194	67 Neutral	¥295.05B	16.85	―	―	23.28%	26.56%
6054	64 Neutral	¥4.28B	-192.93	―	―	-5.08%	-180.19%
5139	62 Neutral	¥19.65B	23.01	―	―	28.90%	29.06%
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
5243	54 Neutral	¥38.19B	79.11	―	―	22.37%	655.34%
3926	49 Neutral	¥10.70B	-9.33	-4.82%	―	-1.93%	14.92%

Open Door Corporate Events

OpenDoor Finalizes Stock Option Grant to Subsidiary Staff

OpenDoor Inc., a Tokyo Stock Exchange Prime-listed company, operates in Japan’s digital services sector and is led by President and CEO Daisuke Sekine and CFO Hideaki Suzuki. The company’s structure and listing status position it within the cohort of Japanese technology-related firms leveraging capital markets to support growth and governance.

The company has finalized the details of a new stock option program, issuing 288 share acquisition rights to nine employees and directors at a wholly owned subsidiary, convertible into 28,800 common shares at an exercise price of ¥35,300 per right. The initiative is designed to strengthen incentives and align key personnel with shareholder interests, potentially enhancing retention, performance, and the group’s long-term competitiveness in its market.

The most recent analyst rating on (JP:3926) stock is a Hold with a Yen356.00 price target. To see the full list of analyst forecasts on Open Door stock, see the JP:3926 Stock Forecast page.

OpenDoor Issues No-Cost Stock Options to Align Employees With Long-Term Growth

OpenDoor Inc. has approved the issuance of 288 units of share acquisition rights as stock options, covering up to 28,800 common shares, to its employees and directors of wholly owned subsidiaries at no upfront cost. The plan is designed to tie compensation to long‑term share performance, strengthen motivation and cohesion across the group, and align internal stakeholders with the company’s medium‑ to long‑term growth and corporate value, with detailed provisions set for exercise price adjustments and an exercise window running from March 2030 to February 2033.

The most recent analyst rating on (JP:3926) stock is a Hold with a Yen336.00 price target. To see the full list of analyst forecasts on Open Door stock, see the JP:3926 Stock Forecast page.

OpenDoor Suspends Shareholder Benefit Program After Nine-Month Results

OpenDoor Inc. has decided to suspend its shareholder benefit program for investors on record at the end of March 2026, following a resolution by its Board of Directors on February 6, 2026. The suspended benefit is a QUO card worth 1,000 yen that had been granted to shareholders holding at least one trading unit, or 100 shares. The decision reflects management’s response to the company’s financial results for the first nine months of the current fiscal year, with the board prioritizing financial discipline over continued distribution of non-cash perks. OpenDoor emphasized its intention to focus on enhancing corporate value and indicated that the future of shareholder benefits from the fiscal year ending March 2027 onward will be determined after assessing business conditions, leaving the door open to potential changes in its capital return and investor relations strategy.

The most recent analyst rating on (JP:3926) stock is a Hold with a Yen336.00 price target. To see the full list of analyst forecasts on Open Door stock, see the JP:3926 Stock Forecast page.

OpenDoor Books ¥952 Million Extraordinary Loss on Investment Securities Impairment

OpenDoor Inc. has booked an extraordinary loss of ¥952 million for the nine months ended December 31, 2025, after a significant decline in the fair value of investment securities it holds triggered an impairment charge. The loss is incorporated into the company’s consolidated third-quarter financial results for the fiscal year ending March 31, 2026, and management cautions that the final amount may change by year-end because the impairment is subject to quarterly reversal depending on the securities’ fair value at the close of March 2026, introducing potential volatility in reported earnings and added uncertainty for investors tracking the company’s financial performance.

The most recent analyst rating on (JP:3926) stock is a Hold with a Yen336.00 price target. To see the full list of analyst forecasts on Open Door stock, see the JP:3926 Stock Forecast page.

OpenDoor Widens Losses on Flat Sales and Withholds Full-Year Outlook

OpenDoor Inc. reported consolidated net sales of ¥1,825 million for the nine months ended December 31, 2025, essentially flat year-on-year, but slipped deeper into the red with an operating loss of ¥93 million and a loss attributable to owners of the parent of ¥1,094 million, resulting in a significantly wider per-share loss. Total assets and net assets both declined from the prior fiscal year-end and the equity ratio fell from 90.1% to 86.3%, while the company maintained a zero-dividend policy and refrained from issuing a full-year earnings forecast for the period ending March 31, 2026, citing considerable uncertainty, leaving investors without clear guidance on when profitability might recover.

The most recent analyst rating on (JP:3926) stock is a Hold with a Yen336.00 price target. To see the full list of analyst forecasts on Open Door stock, see the JP:3926 Stock Forecast page.