Hatena Co., Ltd. (3930) AI Stock Analysis

• Market Cap: ¥2.81B
• Dividend Yield: N/A
• Average Volume (3M): 9.80K
• Price to Earnings (P/E): 15.7
• Beta (1Y): 0.33
• Revenue Growth: 7.20%
• EPS Growth: 47.54%
• Country: JP
• Employees: 207
• Sector: Communication Services
• Sector Strength: 97
• Industry: Internet Content & Information
• EPS (TTM): 1.93
• Shares Outstanding: 3,075,200
• 10 Day Avg. Volume: 13,990
• 30 Day Avg. Volume: 9,800
• PEG Ratio: 0.07
• Price to Book (P/B): 1.51
• Price to Sales (P/S): 1.12
• P/FCF Ratio: 6.15
• 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: 61 Neutral
• Price Target: ¥914.00 ▼(-6.54% Downside)

The score is primarily supported by a very strong, debt-free balance sheet and generally solid underlying profitability at the gross level, but is held back by compressed operating leverage, a sharp recent decline in free cash flow versus last year, and bearish technical signals with the price trading below major moving averages.

Positive Factors

Debt-Free Balance Sheet

A debt-free balance sheet provides financial stability and flexibility, allowing the company to invest in growth opportunities without the burden of interest payments.

High Gross Margin

A high gross margin indicates efficient cost management and pricing power, supporting long-term profitability and competitive positioning.

Enterprise Service Revenue

The focus on enterprise services provides stable revenue streams through service fees, offering resilience against consumer market fluctuations.

Negative Factors

Compressed Operating Margins

Declining operating margins suggest challenges in cost control or pricing, potentially impacting future profitability if not addressed.

Volatile Cash Flow

Volatile cash flow can hinder the company's ability to plan and invest effectively, affecting long-term strategic initiatives and stability.

Negative Revenue Growth

Negative revenue growth indicates potential issues in market demand or competitive pressures, which could affect future business expansion and market share.

Hatena Co., Ltd. Business Overview & Revenue Model

Company Description

Hatena Co., Ltd. (3930) is a Japanese technology company primarily engaged in providing web services and applications. The company offers platforms for blogging, social networking, and information sharing, serving both individual users and businesses. Hatena's core products include blogging platforms, community services, and content management tools that facilitate content creation and interaction among users.

How the Company Makes Money

Hatena Co., Ltd. generates revenue primarily through a combination of advertising, premium membership subscriptions, and partnerships. The company offers advertising space on its platforms, which generates income from advertisers seeking to reach Hatena's user base. Additionally, Hatena provides premium services and features for which users can subscribe, offering enhanced functionalities and experiences. Strategic partnerships with other technology firms and content creators also contribute to its revenue, facilitating cross-platform promotions and expanding its service offerings.

Hatena Co., Ltd. Financial Statement Overview

Summary

Strong balance sheet (debt-free, stable equity) supports a solid base, but income performance is mixed: high gross margin (~85.7%) is offset by compressed operating/net margins (TTM ~6.8% / ~4.7%) and slightly negative TTM revenue growth (-2.1%). Cash flow is positive but stepped down sharply vs FY2025 (TTM FCF -59.1% YoY) and has been volatile.

Income Statement

Profitability remains solid at the gross level (TTM (Trailing-Twelve-Months) gross margin ~85.7%), but earnings power has weakened versus prior annual periods: TTM operating margin (~6.8%) and net margin (~4.7%) are down from FY2025 (~8.9% / ~6.1%) and well below FY2022 highs. Revenue is slightly down in TTM (-2.1% growth rate), indicating near-term top-line softness, though the multi-year picture still shows growth off the FY2021 base. Overall, the income statement shows a high-margin business with currently compressed operating leverage.

Balance Sheet

The balance sheet is a clear strength: the company reports zero total debt across all periods shown, resulting in no meaningful leverage risk. Equity has been stable-to-growing (TTM equity ~¥2.82B), supporting a strong capital base. Returns have improved from the FY2024 trough (ROE ~2.4%) to TTM (~6.2%), but are still moderate versus earlier peaks (FY2022 ~9.8%), suggesting profitability—not balance sheet capacity—is the main limiter on returns.

Cash Flow

Cash generation is positive in TTM (operating cash flow ~¥302M; free cash flow ~¥282M), and free cash flow roughly tracks reported earnings (TTM free cash flow to net income ~0.93). However, cash flow has been volatile: FY2023 saw very weak operating cash flow and negative free cash flow, and TTM free cash flow is sharply lower than FY2025 (free cash flow growth -59.1%). While the business is currently generating cash, the recent step-down and historical variability keep cash-flow quality from scoring higher.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	3.79B	3.31B	3.15B	3.06B	2.62B
Gross Profit	3.25B	2.71B	2.61B	2.65B	2.34B
EBITDA	472.00M	207.80M	280.60M	449.75M	364.47M
Net Income	230.00M	62.37M	99.64M	240.22M	172.64M
Balance Sheet
Total Assets	3.45B	2.91B	2.88B	2.97B	2.61B
Cash, Cash Equivalents and Short-Term Investments	2.15B	1.52B	1.51B	1.73B	1.52B
Total Debt	0.00	0.00	0.00	0.00	0.00
Total Liabilities	635.00M	350.00M	392.59M	528.60M	318.21M
Stockholders Equity	2.81B	2.56B	2.49B	2.44B	2.29B
Cash Flow
Free Cash Flow	689.00M	128.25M	-112.20M	226.86M	174.83M
Operating Cash Flow	711.00M	147.01M	2.58M	327.36M	296.44M
Investing Cash Flow	-38.00M	-106.16M	-158.28M	-43.92M	-105.85M
Financing Cash Flow	2.01M	1.55M	-97.14M	-52.20M	6.92M

Hatena Co., Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 978.00
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:3930, the sentiment is Negative. The current price of 978 is above the 20-day moving average (MA) of 918.50, above the 50-day MA of 908.56, and below the 200-day MA of 1186.76, indicating a neutral trend. The MACD of 4.18 indicates Positive momentum. The RSI at 49.80 is Neutral, neither overbought nor oversold. The STOCH value of 58.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:3930.

Hatena Co., Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
3930	61 Neutral	¥2.81B	15.70	―	―	7.20%	47.54%
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
2454	59 Neutral	¥5.49B	96.61	―	0.77%	4.75%	―
6054	52 Neutral	¥3.29B	-7.69	―	―	-5.08%	-180.19%
3674	46 Neutral	¥3.58B	-10.83	―	―	-3.79%	-272.95%
5571	46 Neutral	¥6.25B	-1,240.09	―	2.46%	23.91%	-101.16%