Akatsuki, Inc. (3932) AI Stock Analysis

• Market Cap: ¥41.73B
• Dividend Yield: 3.8%
• Average Volume (3M): 51.74K
• Price to Earnings (P/E): 25.4
• Beta (1Y): 0.45
• Revenue Growth: -1.33%
• EPS Growth: 5.97%
• Country: JP
• Employees: 539
• Sector: Communication Services
• Sector Strength: 83
• Industry: Electronic Gaming & Multimedia
• EPS (TTM): 63.10
• Shares Outstanding: 14,517,100
• 10 Day Avg. Volume: 39,350
• 30 Day Avg. Volume: 51,743
• PEG Ratio: 0.31
• Price to Book (P/B): 3.76
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 14.07
• 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

• Rating: 66 Neutral
• Price Target: ¥3,267.00 ▲(12.89%Upside)

Akatsuki, Inc. shows a balanced profile with strengths in financial stability and dividend yield. However, declining revenue and bearish technical indicators are notable concerns. The stock requires attention to revenue stabilization and operational efficiency to enhance future performance.

Akatsuki, Inc. Business Overview & Revenue Model

Company Description

Akatsuki, Inc. (3932) is a Japanese entertainment and technology company that operates in various sectors, including mobile gaming, entertainment, and media. The company is known for developing and publishing a range of mobile games that cater to a global audience, as well as engaging in other entertainment-related ventures. Akatsuki aims to create innovative and enjoyable experiences for its users through its diverse portfolio of products and services.

How the Company Makes Money

Akatsuki, Inc. generates revenue primarily through its mobile gaming segment. The company develops and publishes free-to-play mobile games that monetize through in-game purchases, such as virtual goods and currency, which enhance the user experience. In addition to microtransactions, the company may generate income through advertising partnerships within its games, where advertisers pay to reach Akatsuki's user base. Additionally, Akatsuki expands its revenue streams through strategic collaborations and partnerships in the entertainment and media sectors, which may include licensing deals, co-productions, and distribution agreements. These efforts help diversify its income sources beyond mobile gaming.

Akatsuki, Inc. Financial Statement Overview

Summary

Akatsuki, Inc. demonstrates a mixed financial profile with improved profitability margins and a strong balance sheet. However, challenges remain due to declining revenue and cash flow volatility. The company is well-positioned to address these issues due to low leverage and strong equity.

Income Statement

Akatsuki, Inc. has demonstrated a declining revenue trend over the past few years, with the most recent annual report showing a total revenue of ¥23.65 billion, down from ¥31.10 billion in 2021. Gross profit margin improved slightly to 57.9% in 2025 from 56.3% in 2024, and the net profit margin increased to 7.0% from 5.4%. Despite these improvements, EBIT and EBITDA margins have shown volatility, indicating operational challenges.

Balance Sheet

The company maintains a strong balance sheet with a debt-to-equity ratio of 0.15, reflecting low leverage. Equity ratio stands at 75.9%, showcasing a solid equity base. Return on equity has been stable, although it slightly decreased to 4.0% in 2025. Overall, Akatsuki, Inc. exhibits financial stability, with ample cash reserves and manageable debt levels.

Cash Flow

Akatsuki, Inc. experienced significant improvement in cash flow, with free cash flow turning positive in 2025 at ¥3.80 billion, up from negative free cash flow in the previous year. However, the operating cash flow to net income ratio indicates some inconsistency, and the free cash flow to net income ratio shows potential for improvement. While the cash flow situation has improved, it remains a point of focus for future stability.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	23.30B	23.65B	23.97B	24.34B	26.27B	31.10B
Gross Profit	12.67B	13.70B	13.49B	14.35B	15.50B	18.94B
EBITDA	2.54B	4.74B	2.43B	5.85B	7.71B	11.41B
Net Income	1.35B	1.65B	1.29B	1.34B	5.19B	6.34B
Balance Sheet
Total Assets	52.10B	54.63B	52.04B	53.16B	46.08B	46.05B
Cash, Cash Equivalents and Short-Term Investments	34.33B	28.38B	30.96B	34.07B	25.72B	30.99B
Total Debt	7.10B	6.10B	7.10B	10.20B	4.21B	5.31B
Total Liabilities	12.08B	13.18B	11.83B	14.41B	7.84B	10.28B
Stockholders Equity	40.00B	41.44B	40.19B	38.73B	38.23B	35.77B
Cash Flow
Free Cash Flow	0.00	3.80B	-325.00M	4.63B	3.90B	9.93B
Operating Cash Flow	0.00	3.87B	-84.00M	5.05B	4.79B	10.01B
Investing Cash Flow	0.00	-1.47B	-77.00M	1.19B	-3.01B	-4.77B
Financing Cash Flow	0.00	-2.14B	-3.23B	4.94B	-4.19B	-3.53B

Akatsuki, Inc. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2894.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:3932, the sentiment is Negative. The current price of 2894 is below the 20-day moving average (MA) of 2994.10, below the 50-day MA of 3061.06, and above the 200-day MA of 2709.34, indicating a neutral trend. The MACD of -26.02 indicates Positive momentum. The RSI at 39.17 is Neutral, neither overbought nor oversold. The STOCH value of 9.06 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:3932.

Akatsuki, Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
3723	68 Neutral	¥12.01B	22.26		1.71%	-21.03%	-42.64%
4393	68 Neutral	¥40.59B	75.23		―	-18.69%	-48.21%
3932	66 Neutral	¥41.73B	25.35		3.80%	-1.33%	5.97%
Sector *	61 Neutral	$41.26B	-0.79	-14.19%	3.78%	2.39%	-73.52%
3911	50 Neutral	¥11.35B	30.88		―	<0.01%	―
3903	48 Neutral	¥28.61B	14.08		―	-12.61%	-314.92%