PLAID Inc. (4165) AI Stock Analysis

• Market Cap: ¥35.48B
• Dividend Yield: N/A
• Average Volume (3M): 577.11K
• Price to Earnings (P/E): 31.9
• Beta (1Y): 0.49
• Revenue Growth: 21.87%
• EPS Growth: 240.21%
• Country: JP
• Employees: 449
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): 5.39
• Shares Outstanding: 41,154,590
• 10 Day Avg. Volume: 1,239,440
• 30 Day Avg. Volume: 577,113
• PEG Ratio: -1.00
• Price to Book (P/B): 11.71
• Price to Sales (P/S): 3.35
• P/FCF Ratio: 43.73
• 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: 59 Neutral
• Price Target: ¥820.00 ▲(1.11% Upside)

PLAID Inc.'s overall stock score is driven by its strong financial performance, indicating a positive growth trajectory. However, the technical analysis reveals bearish momentum, which is a significant risk factor. The valuation is moderate, suggesting some potential for growth, but the lack of dividend yield may deter income-focused investors.

Positive Factors

Revenue Growth

Consistent revenue growth indicates a strong market position and effective business model, supporting long-term expansion and profitability.

Profitability Turnaround

Improved profitability reflects effective cost management and operational improvements, enhancing financial stability and shareholder value.

Strong Cash Flow

Strong cash flow generation supports reinvestment opportunities and financial flexibility, crucial for sustaining growth and competitive advantage.

Negative Factors

Operational Efficiency

Low operational efficiency may limit profitability improvements, necessitating focus on cost management to enhance margins and competitiveness.

Cash Flow Conversion

Suboptimal cash flow conversion indicates challenges in translating earnings into cash, potentially affecting liquidity and investment capacity.

Equity Returns

Historically negative equity returns suggest past inefficiencies; sustained improvement is needed to ensure long-term shareholder value.

PLAID Inc. Business Overview & Revenue Model

Company Description

PLAID,Inc. develops and operates KARTE, a customer experience SaaS platform in Japan. It also engages in the planning and management of EC-specialized media, Shopping Tribe; and CX-specialized media, XD. The company was incorporated in 2011 and is based in Tokyo, Japan.

How the Company Makes Money

PLAID generates revenue through a subscription-based model, charging developers and businesses for access to its APIs. The company offers tiered pricing based on usage, enabling clients to scale their services according to their needs. Key revenue streams include transaction fees for data retrieval and analytics services, as well as partnerships with financial institutions and fintech companies that integrate PLAID’s services into their platforms. Significant partnerships with major financial institutions enhance PLAID's data access capabilities, further driving its earnings by increasing the value of its offerings and attracting more clients.

PLAID Inc. Financial Statement Overview

Summary

PLAID Inc. has shown strong revenue growth and improved profitability, transitioning from losses to positive net income and margins. The balance sheet is robust with decreased leverage, and recent improvements in free cash flow reflect potential for sustainable operations. However, past operational challenges and cash flow volatility present risks.

Income Statement

PLAID Inc. has shown strong revenue growth with a 59% increase from 2020 to 2024 (TTM). The company has improved profitability significantly, moving from negative net income in previous years to a positive net income of ¥628.76 million in 2024 (TTM). The gross profit margin stands at 71.85%, indicating strong cost management. The EBIT and EBITDA margins have improved significantly from negative values in 2020 to positive in 2024 (TTM), reflecting operational efficiency improvements. However, the company experienced a period of negative EBIT and EBITDA, indicating past operational challenges.

Balance Sheet

PLAID Inc. exhibits a healthy balance sheet with an equity ratio of 50.88% in 2024 (TTM), reflecting a solid capital structure. The debt-to-equity ratio has decreased over time from 0.56 in 2020 to 0.32 in 2024 (TTM), indicating reduced leverage and financial risk. Return on Equity (ROE) improved to 17.63% in 2024 (TTM), showcasing effective use of equity to generate profits. Despite these strengths, fluctuations in stockholders' equity and liabilities highlight potential financial volatility.

Cash Flow

PLAID Inc. has demonstrated a significant turnaround in free cash flow, moving from negative to positive free cash flow of ¥842.86 million in 2024. However, the operating cash flow to net income ratio is not calculable due to zero operating cash flow in the latest period, which raises concerns about cash generation from operations. The historical negative operating cash flow indicates past struggles in generating cash from core activities, although recent free cash flow improvements are promising.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	12.76B	13.40B	10.99B	8.63B	7.30B	5.44B
Gross Profit	9.31B	9.71B	7.87B	6.24B	5.37B	3.99B
EBITDA	1.29B	1.45B	142.95M	-1.88B	-779.95M	-63.41M
Net Income	1.14B	1.10B	320.73M	-2.11B	-930.78M	-106.65M
Balance Sheet
Total Assets	8.52B	9.65B	7.30B	6.22B	7.09B	6.98B
Cash, Cash Equivalents and Short-Term Investments	5.95B	6.60B	4.74B	3.83B	4.24B	4.17B
Total Debt	1.03B	1.82B	1.32B	1.38B	1.84B	916.09M
Total Liabilities	4.03B	4.84B	4.10B	3.47B	3.02B	2.03B
Stockholders Equity	4.44B	4.79B	3.15B	2.60B	4.06B	4.86B
Cash Flow
Free Cash Flow	0.00	1.33B	842.86M	-371.80M	-883.55M	391.12M
Operating Cash Flow	0.00	1.38B	900.48M	-325.09M	-809.23M	410.90M
Investing Cash Flow	0.00	215.71M	-49.69M	-89.00M	-135.11M	-1.33B
Financing Cash Flow	0.00	264.84M	66.77M	905.00K	1.01B	3.00B

PLAID Inc. Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 811.00
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:4165, the sentiment is Neutral. The current price of 811 is below the 20-day moving average (MA) of 819.30, below the 50-day MA of 850.60, and below the 200-day MA of 1045.42, indicating a neutral trend. The MACD of -0.31 indicates Negative momentum. The RSI at 59.29 is Neutral, neither overbought nor oversold. The STOCH value of 83.89 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for JP:4165.

PLAID Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
4333	81 Outperform	¥22.62B	16.50	―	3.86%	0.50%	17.15%
3983	70 Outperform	¥34.38B	18.40	―	1.45%	5.48%	5.36%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
4259	61 Neutral	¥54.03B	-28.98	―	―	8.98%	-581.59%
4165	59 Neutral	¥35.48B	31.94	―	―	21.87%	240.21%
4375	52 Neutral	¥50.49B	-202.49	―	―	29.56%	86.66%
4192	41 Neutral	¥10.88B	-27.39	―	―	22.18%	28.27%

PLAID Inc. Corporate Events

PLAID, Inc. Expands Restricted Stock Plan to Include Outside Directors

PLAID, Inc. announced an amendment to its restricted stock compensation plan to include Outside Directors, aiming to align their interests with shareholders and enhance their supervisory role. This move, pending shareholder approval, reflects PLAID’s commitment to improving corporate governance and could impact its market positioning by fostering stronger alignment between management and shareholders.

The most recent analyst rating on (JP:4165) stock is a Hold with a Yen1010.00 price target. To see the full list of analyst forecasts on PLAID Inc. stock, see the JP:4165 Stock Forecast page.

PLAID, Inc. Proposes Capital Reserve Reduction for Strategic Flexibility

PLAID, Inc. announced a proposal to reduce its capital reserve and transfer the amount to other capital surplus, a move aimed at enabling more flexible capital policy implementation. This internal financial adjustment, set to be finalized by February 2026, will not affect the company’s net assets or business results, ensuring stability for stakeholders.

The most recent analyst rating on (JP:4165) stock is a Hold with a Yen1010.00 price target. To see the full list of analyst forecasts on PLAID Inc. stock, see the JP:4165 Stock Forecast page.

PLAID Inc. Revises Earnings Forecast Amid Fiscal Year-End Change

PLAID Inc. has announced a revision to its full-year consolidated earnings forecast due to a change in its fiscal year-end, extending the current fiscal year to a 15-month period ending December 31, 2026. This adjustment, pending shareholder approval, reflects an increase in projected net sales and income figures, indicating a positive outlook for the company’s financial performance during this transitional period.

The most recent analyst rating on (JP:4165) stock is a Hold with a Yen1010.00 price target. To see the full list of analyst forecasts on PLAID Inc. stock, see the JP:4165 Stock Forecast page.

PLAID, Inc. Announces Change in Fiscal Year-End and Articles of Incorporation

PLAID, Inc. announced a change in its fiscal year-end from September 30 to December 31, aiming to reduce the impact of seasonal factors on performance and enhance management transparency. This change, along with amendments to the Articles of Incorporation, is expected to improve operational efficiency and corporate value, affecting the timing of shareholder meetings and dividend distributions.

The most recent analyst rating on (JP:4165) stock is a Hold with a Yen1010.00 price target. To see the full list of analyst forecasts on PLAID Inc. stock, see the JP:4165 Stock Forecast page.

PLAID Inc. Acquires CloudFit to Boost Digital Transformation and AI Capabilities

PLAID Inc. announced its acquisition of CloudFit, Inc., a startup specializing in digital transformation and cloud services, to make it a subsidiary. This strategic move aims to enhance PLAID’s digital transformation capabilities and accelerate business expansion by integrating CloudFit’s expertise with PLAID’s existing services. The acquisition is expected to strengthen PLAID’s market position by expanding professional services and creating new business models through generative AI, ultimately improving productivity and profitability for clients.

The most recent analyst rating on (JP:4165) stock is a Hold with a Yen1010.00 price target. To see the full list of analyst forecasts on PLAID Inc. stock, see the JP:4165 Stock Forecast page.

PLAID, Inc. Reports Extraordinary Losses in Non-Consolidated Financials

PLAID, Inc. announced extraordinary losses in its non-consolidated financial results for the fiscal year ending September 30, 2025, due to a provision for doubtful accounts and a loss on valuation of shares of its subsidiary, Emotion Tech Inc. The company recorded a 100 million yen provision for doubtful accounts and a 109 million yen loss on the valuation of shares, but these losses do not impact the consolidated financial results as they are offset and eliminated in the consolidated statements.

The most recent analyst rating on (JP:4165) stock is a Hold with a Yen1010.00 price target. To see the full list of analyst forecasts on PLAID Inc. stock, see the JP:4165 Stock Forecast page.

PLAID Inc. Reports Strong Financial Growth for FY 2025

PLAID Inc. reported a significant increase in its financial performance for the fiscal year ended September 30, 2025, compared to the previous year. The company achieved a 21.9% increase in net sales, driven by strong subscription revenue and demand for its consulting services. Effective cost management also contributed to a substantial rise in operating income, highlighting PLAID’s successful strategic execution and market positioning.

The most recent analyst rating on (JP:4165) stock is a Hold with a Yen1010.00 price target. To see the full list of analyst forecasts on PLAID Inc. stock, see the JP:4165 Stock Forecast page.

PLAID Inc. Reports Strong Financial Growth and Plans for Continued Investment

PLAID Inc. reported a significant increase in its financial performance for the fiscal year ended September 30, 2025, with net sales rising by 21.9% and net income attributable to owners of the parent soaring by 242.7%. The company plans to continue its growth trajectory by executing agile growth investments and providing quarterly earnings forecasts to enhance transparency.

The most recent analyst rating on (JP:4165) stock is a Hold with a Yen1010.00 price target. To see the full list of analyst forecasts on PLAID Inc. stock, see the JP:4165 Stock Forecast page.

PLAID, Inc. Secures 4 Billion Yen Loan for Growth and Expansion

PLAID, Inc. has entered into a loan agreement to secure financing aimed at supporting its organic growth, funding mergers and acquisitions, and optimizing capital efficiency. The company secured a total of 4 billion yen from multiple banks, with the loans being unsecured and unguaranteed, and the impact on the company’s business performance for the fiscal year ending September 2026 is expected to be minor.

The most recent analyst rating on (JP:4165) stock is a Hold with a Yen1198.00 price target. To see the full list of analyst forecasts on PLAID Inc. stock, see the JP:4165 Stock Forecast page.