Akatsuki, Inc. (3932) AI Stock Analysis

• Market Cap: ¥40.32B
• Dividend Yield: 3.4%
• Average Volume (3M): 76.13K
• Price to Earnings (P/E): 53.8
• Beta (1Y): 0.38
• Revenue Growth: -10.86%
• EPS Growth: -64.25%
• Country: JP
• Employees: 539
• Sector: Communication Services
• Sector Strength: 97
• Industry: Electronic Gaming & Multimedia
• EPS (TTM): -80.94
• Shares Outstanding: 14,517,300
• 10 Day Avg. Volume: 53,310
• 30 Day Avg. Volume: 76,133
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• 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: ¥3,098.00
• Price Target Upside: 10.80% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 0

• Rating: 63 Neutral
• Price Target: ¥3,098.00 ▲(10.80% Upside)

Akatsuki, Inc.'s overall stock score is primarily influenced by its mixed financial performance, with strong balance sheet metrics but challenges in revenue growth and cash flow stability. The technical analysis indicates bearish momentum, which further impacts the score. The high P/E ratio suggests potential overvaluation, though the dividend yield offers some compensation. The absence of earnings call insights and corporate events leaves these areas unaddressed.

Akatsuki, Inc. Business Overview & Revenue Model

Company Description

Akatsuki Inc. engages in the mobile game and live experience businesses primarily in Japan. It develops mobiles games. The company also operates Asobuild, an entertainment facility service site; Pong!Pong!, a ping pong table activity and projection mapping service site; Sotoasobi, a service site to provide reservations for outdoor and leisure activities; and Daigomi, a Cheese restaurants. In addition, it provides Crayon, an app development support services to artists, creators, and athletes; a media franchise project of both music and audio drama CDs on themes of Jazz; and operates Kumarba Channel, an education and entertainment channel distributed through YouTube platform. The company was founded in 2010 and is headquartered in Tokyo, Japan.

How the Company Makes Money

Akatsuki, Inc. generates revenue primarily through its mobile gaming segment, which includes in-app purchases, advertising, and licensing deals. The company develops and publishes free-to-play games that monetize through the sale of virtual items and premium features. Additionally, Akatsuki partners with entertainment companies to create games based on popular intellectual properties, leveraging these partnerships to reach a wider audience. The company also earns revenue from collaborations in the entertainment and media sector, providing digital content and services that complement its gaming business.

Akatsuki, Inc. Financial Statement Overview

Summary

Akatsuki, Inc. presents a mixed financial profile. While profitability margins have improved and the balance sheet reflects strong financial health, revenue contraction and cash flow volatility pose challenges. The company should focus on stabilizing revenues and enhancing operational efficiency to sustain long-term growth. With a low debt burden and solid equity, Akatsuki is well-positioned to address these challenges.

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	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	23.65B	23.65B	23.97B	24.34B	26.27B	31.10B
Gross Profit	13.70B	13.70B	13.49B	14.35B	15.50B	18.94B
EBITDA	4.74B	4.74B	2.43B	3.99B	7.46B	9.35B
Net Income	1.65B	1.65B	1.29B	1.34B	5.19B	6.34B
Balance Sheet
Total Assets	54.63B	54.63B	52.04B	53.16B	46.08B	46.06B
Cash, Cash Equivalents and Short-Term Investments	28.38B	28.38B	30.96B	34.07B	25.72B	30.99B
Total Debt	6.10B	6.10B	7.10B	10.20B	4.21B	5.31B
Total Liabilities	13.18B	13.18B	11.83B	14.40B	7.84B	10.28B
Stockholders Equity	41.44B	41.44B	40.19B	38.75B	38.24B	35.77B
Cash Flow
Free Cash Flow	0.00	3.29B	-325.00M	4.99B	4.35B	9.93B
Operating Cash Flow	0.00	3.64B	-84.00M	5.05B	4.79B	10.01B
Investing Cash Flow	0.00	-1.24B	-77.00M	1.19B	-3.01B	-4.77B
Financing Cash Flow	0.00	-2.14B	-3.24B	4.92B	-4.19B	-3.53B

Akatsuki, Inc. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2796.00
• 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:3932, the sentiment is Negative. The current price of 2796 is below the 20-day moving average (MA) of 2884.20, below the 50-day MA of 2955.96, and below the 200-day MA of 2948.26, indicating a bearish trend. The MACD of -48.95 indicates Positive momentum. The RSI at 40.35 is Neutral, neither overbought nor oversold. The STOCH value of 5.77 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	¥15.72B	23.87	―	0.65%	1.15%	-8.55%
3932	63 Neutral	¥40.32B	53.76	―	3.40%	-10.86%	-64.25%
4393	58 Neutral	¥31.48B	36.01	20.04%	―	-13.60%	5.59%
3911	54 Neutral	¥12.94B	9.10	-5.89%	―	4.13%	―
3903	53 Neutral	¥30.71B	8.82	12.16%	―	-39.08%	―
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%