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Open Door Inc (JP:3926)
:3926

Open Door (3926) AI Stock Analysis

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JP:3926

Open Door

(3926)

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Neutral 55 (OpenAI - 5.2)
Rating:55Neutral
Price Target:
¥382.00
▲(19.75% Upside)
Action:ReiteratedDate:03/11/26
The score is primarily supported by a strong, low-risk balance sheet (no debt) and improved cash flow versus the prior year, but it is held back by ongoing losses and recent revenue decline. Technically, momentum has improved above key short- and mid-term averages, while valuation remains pressured due to negative earnings and no indicated dividend yield.
Positive Factors
Balance sheet strength (no debt)
The company reports total debt of zero and a sizable equity cushion, which materially lowers financial risk and preserves strategic optionality. A debt-free balance sheet allows management to fund product development or M&A and absorb shocks without near-term refinancing pressure.
Improving cash flow trend
Operating and free cash flow narrowed to only slightly negative in the latest year after a large cash burn in 2024, indicating material improvement. If this trend continues, liquidity risk falls and the business can sustain operations with less reliance on dilutive financing.
High gross margins (~60%)
Reported gross profit margin near 60% signals strong unit economics and pricing power in core offerings. With such high gross margins, controlling operating costs or stabilizing revenue can allow the company to convert top-line into sustainable profits over the medium term.
Negative Factors
Persistent unprofitability
The latest annual results show negative operating profit and a net loss despite narrower losses versus the prior year. Persistent unprofitability erodes retained earnings, constrains reinvestment capacity, and requires sustained margin or revenue improvement to achieve durable returns.
Revenue decline
Year-over-year revenue decline reduces the base for operating leverage and makes fixed-cost absorption harder. Without a sustained recovery or improved monetization, weaker top-line trends hamper the company’s ability to scale profits despite healthy gross margins.
Inconsistent cash generation
Cash generation remains inconsistent: operating and free cash flow are only slightly negative and not reliably positive. Volatile cash conversion increases execution risk, may force periodic financing, and limits predictable reinvestment into growth initiatives until cash flows stabilize.

Open Door (3926) vs. iShares MSCI Japan ETF (EWJ)

Open Door Business Overview & Revenue Model

Company DescriptionOpenDoor 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 Moneynull

Open Door Financial Statement Overview

Summary
Balance sheet strength (zero debt and sizable equity cushion) is a major positive, and cash burn improved materially versus the prior year. However, profitability remains weak with negative operating profit and a net loss, and the latest period shows year-over-year revenue decline, limiting the score.
Income Statement
34
Negative
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
78
Positive
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
41
Neutral
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.
BreakdownTTMMar 2026Mar 2025Mar 2024Mar 2023Mar 2022
Income Statement
Total Revenue2.38B2.41B2.56B2.06B1.20B1.12B
Gross Profit1.41B1.44B1.67B1.22B539.41M475.04M
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 Assets4.68B4.80B5.66B6.40B5.37B6.70B
Cash, Cash Equivalents and Short-Term Investments2.11B2.21B2.63B2.99B3.02B2.92B
Total Debt0.000.000.000.000.000.00
Total Liabilities461.94M457.53M551.70M734.36M280.98M485.84M
Stockholders Equity4.21B4.34B5.11B5.67B5.09B6.21B
Cash Flow
Free Cash Flow0.00-24.24M-351.07M-21.89M101.51M-1.21B
Operating Cash Flow0.00-4.68M-313.00M-7.33M117.73M-1.15B
Investing Cash Flow0.00-413.88M-48.08M-23.99M-17.10M-1.58B
Financing Cash Flow0.00-21.00K-34.00K0.00-165.00K0.00

Open Door Technical Analysis

Technical Analysis Sentiment
Positive
Last Price319.00
Price Trends
50DMA
332.48
Positive
100DMA
332.13
Positive
200DMA
407.02
Negative
Market Momentum
MACD
4.85
Positive
RSI
59.93
Neutral
STOCH
51.81
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:3926, the sentiment is Positive. The current price of 319 is below the 20-day moving average (MA) of 344.00, below the 50-day MA of 332.48, and below the 200-day MA of 407.02, indicating a neutral trend. The MACD of 4.85 indicates Positive momentum. The RSI at 59.93 is Neutral, neither overbought nor oversold. The STOCH value of 51.81 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:3926.

Open Door Peers Comparison

Overall Rating
UnderperformOutperform
Sector (60)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
79
Outperform
¥32.28B7.680.11%31.33%34.22%
67
Neutral
¥298.55B19.6323.28%26.56%
64
Neutral
¥3.89B-147.16-5.08%-180.19%
62
Neutral
¥19.22B26.2328.90%29.06%
60
Neutral
$48.67B4.58-11.27%4.14%2.83%-41.78%
55
Neutral
¥11.57B-2.49-28.52%-1.93%14.92%
54
Neutral
¥42.24B58.3622.37%655.34%
* Communication Services Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
JP:3926
Open Door
373.00
-279.00
-42.79%
JP:4194
Visional, Inc.
7,423.00
554.00
8.07%
JP:5139
OpenWork Inc.
905.00
71.00
8.51%
JP:5243
note inc.
2,314.00
1,028.00
79.94%
JP:6054
Livesense Inc.
142.00
0.00
0.00%
JP:7047
PORT INC.
2,358.00
592.36
33.55%

Open Door Corporate Events

OpenDoor Sets Out Q3 FY2026 Results and Growth Plans in Japanese Leisure Travel
Mar 2, 2026

OpenDoor Inc. released its financial results for the third quarter of the fiscal year ending March 2026, outlining recent performance and key initiatives. The company also discussed market trends in leisure travel by Japanese travelers, its financial outlook for the full fiscal year, and future growth measures, signaling an emphasis on adapting to travel demand and reinforcing its competitive position.

The disclosure highlights management’s focus on aligning operations with evolving leisure travel patterns and strengthening its market presence. Investors and industry stakeholders are given indications of how OpenDoor aims to capture growth opportunities in the Japanese travel market while managing performance through the remainder of the fiscal year.

The most recent analyst rating on (JP:3926) stock is a Hold with a Yen363.00 price target. To see the full list of analyst forecasts on Open Door stock, see the JP:3926 Stock Forecast page.

OpenDoor Finalizes Stock Option Grant to Subsidiary Staff
Feb 24, 2026

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
Feb 6, 2026

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
Feb 6, 2026

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
Feb 6, 2026

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
Feb 6, 2026

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.

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.Date of analysis: Mar 11, 2026