SpiderPlus & Co. (4192) AI Stock Analysis

• Market Cap: ¥9.62B
• Dividend Yield: N/A
• Average Volume (3M): 132.61K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.02
• Revenue Growth: 22.18%
• EPS Growth: 28.27%
• Country: JP
• Employees: 250
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): 2.15
• Shares Outstanding: 35,507,400
• 10 Day Avg. Volume: 279,900
• 30 Day Avg. Volume: 132,610
• PEG Ratio: 6.09
• Price to Book (P/B): 3.88
• Price to Sales (P/S): 2.11
• P/FCF Ratio: 163.44
• 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): 17.8
• Revenue Forecast (FY): ¥7.15B

• Rating: 53 Neutral
• Price Target: ¥284.00 ▼(-2.74% Downside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is held up by improving fundamentals (solid growth, high gross margins, better cash flow, and manageable leverage), but is meaningfully constrained by weak technicals (price below all key moving averages with negative MACD) and valuation risk driven by ongoing losses (negative P/E and no dividend yield provided).

Positive Factors

SaaS recurring model

SpiderPlus’s core revenue comes from subscription SaaS for construction workflows, providing recurring revenue and higher customer lifetime value. This business model supports predictable cash inflows, easier capacity scaling, and durable revenue retention and expansion over months to years.

High gross margins

A ~74% gross margin in 2025 indicates strong unit economics typical of software platforms. High margins provide sustainable room to invest in R&D and sales while preserving profitability potential, supporting margin durability as the business scales over the medium term.

Cash flow turnaround & manageable leverage

Operating and free cash flow turned positive in 2025 after prior burn, and leverage is modest (debt-to-equity ~0.31). This reduces near-term funding risk and gives financial flexibility to invest or weather cycles, improving the company's ability to execute strategic initiatives.

Negative Factors

Not yet consistently profitable

Despite improvement, the company remains slightly unprofitable in 2025 and endured meaningful losses in 2022–2024. Persistent lack of consistent profitability can limit reinvestment, erode equity if prolonged, and leave the business vulnerable if revenue momentum weakens.

Historic cash flow volatility

Cash generation improved in 2025 but prior multi-year negative operating and free cash flows show volatility. Until cash conversion proves stable, the company may face funding pressure in downturns or need to conserve cash, constraining growth investments and strategic options.

Rising debt and weak historical ROE

Negative ROE over multiple years signals capital has not generated returns historically. Combined with rising debt versus earlier years, this increases balance-sheet risk: if profitability does not solidify, leverage could pressure equity cushions and limit strategic flexibility.

SpiderPlus & Co. Business Overview & Revenue Model

Company Description

SpiderPlus & Co. engages in information and communication technology business in Japan. It offers SPIDERPLUS, a drawing and site management application for the construction industry in Japan. The company also engages in the engineering business, including thermal insulation work. The company was formerly known as Regolith, Inc. and changed its name to SpiderPlus & Co. in September 2020. SpiderPlus & Co. was founded in 1997 and is headquartered in Tokyo, Japan.

How the Company Makes Money

SpiderPlus & Co. primarily generates revenue through the sale of its software products and subscription services. The company operates on a Software as a Service (SaaS) model, charging clients recurring fees for access to its platforms, which include cloud-based analytics and automation tools. Additionally, SpiderPlus & Co. earns revenue from consulting services, assisting businesses in the implementation and optimization of its technologies. Key partnerships with industry leaders in technology and consulting enhance its market reach and contribute to revenue growth by facilitating greater adoption of its products. Furthermore, the company may benefit from performance-based contracts with clients, where earnings can increase based on the measurable success of their solutions.

SpiderPlus & Co. Financial Statement Overview

Summary

Improving turnaround profile: revenue growth stayed positive and gross margin is high (~74% in 2025). Cash flow improved with operating and free cash flow turning positive in 2025 after multiple years of burn, and leverage is manageable (debt-to-equity ~0.31). However, profitability is not yet established (2025 still slightly negative operating profit and net income) and historical cash flows were volatile.

Income Statement

Revenue growth remains positive across the period, with 2025 showing solid top-line expansion (up ~8% vs. 2024) and a strong improvement in profitability versus the heavy losses in 2022–2024. Gross margin has trended upward and is high in 2025 (~74%), indicating good underlying unit economics. However, the company is still not consistently profitable: 2025 shows slightly negative operating profit and net income, and the multi-year track record includes several years of meaningful losses, which keeps the score mid-range.

Balance Sheet

Leverage looks manageable, with debt-to-equity at ~0.31 in 2025 and equity remaining sizable relative to assets. This provides a reasonable cushion and suggests the balance sheet can support ongoing investment. The main weakness is that profitability has been weak in recent years (negative returns on equity in 2022–2024), which can pressure equity over time if losses persist, and debt levels have risen versus earlier years.

Cash Flow

Cash generation improved meaningfully in 2025, with operating cash flow and free cash flow turning positive after multiple years of cash burn (2021–2024). This is a constructive inflection and reduces near-term funding pressure. The offset is volatility: prior years show large negative operating and free cash flow, and 2025 operating cash flow is modest relative to revenue, indicating cash conversion still needs to prove durable.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	4.52B	4.90B	4.07B	3.19B	2.48B	2.21B
Gross Profit	3.24B	3.62B	2.77B	2.07B	1.52B	1.26B
EBITDA	-6.22M	149.76M	-589.25M	-281.10M	-901.27M	-475.78M
Net Income	-457.28M	-17.36M	-771.66M	-463.35M	-1.04B	-511.67M
Balance Sheet
Total Assets	4.11B	4.16B	4.21B	4.60B	4.79B	5.43B
Cash, Cash Equivalents and Short-Term Investments	2.64B	2.48B	2.74B	2.85B	3.04B	4.20B
Total Debt	950.88M	836.68M	1.03B	504.44M	450.67M	178.12M
Total Liabilities	1.49B	1.50B	1.57B	1.21B	1.11B	804.21M
Stockholders Equity	2.62B	2.66B	2.65B	3.39B	3.68B	4.62B
Cash Flow
Free Cash Flow	0.00	63.18M	-387.38M	-413.56M	-1.71B	-854.95M
Operating Cash Flow	0.00	78.89M	-369.09M	-331.22M	-1.00B	-493.48M
Investing Cash Flow	0.00	-181.98M	-52.41M	-85.01M	-508.68M	-610.36M
Financing Cash Flow	0.00	-158.63M	322.64M	217.61M	363.05M	4.83B

SpiderPlus & Co. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 292.00
• 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:4192, the sentiment is Negative. The current price of 292 is below the 20-day moving average (MA) of 295.55, below the 50-day MA of 302.26, and below the 200-day MA of 405.05, indicating a bearish trend. The MACD of -11.33 indicates Positive momentum. The RSI at 36.39 is Neutral, neither overbought nor oversold. The STOCH value of 16.31 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:4192.

SpiderPlus & Co. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
4389	80 Outperform	¥9.45B	14.92	―	1.48%	17.83%	34.25%
4168	67 Neutral	¥9.81B	10.50	―	0.70%	9.78%	-23.98%
5033	66 Neutral	¥4.93B	13.38	―	―	7.60%	19.13%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
4448	58 Neutral	¥13.02B	60.03	―	―	14.63%	-760.87%
4375	57 Neutral	¥47.37B	107.87	―	―	29.56%	86.66%
4192	53 Neutral	¥9.62B	-554.87	―	―	22.18%	28.27%

SpiderPlus & Co. Corporate Events

SpiderPlus&Co. Moves to Restructure Capital and Eliminate Retained Earnings Deficit

SpiderPlus&Co. plans to substantially reduce its share capital and legal capital surplus and reclassify these amounts to other capital surplus as part of a broader capital restructuring. The move, which does not change the total number of issued shares, is designed to enhance financial soundness and give the company more agility and flexibility in future capital policy.

Following these reductions, the company will transfer ¥2,645,596,666 from other capital surplus to retained earnings brought forward to eliminate its accumulated deficit. As this is an internal reallocation within net assets, SpiderPlus&Co. expects no change in total net assets and no impact on business performance, with the plan subject to shareholder approval at the March 25, 2026 general meeting.

The most recent analyst rating on (JP:4192) stock is a Hold with a Yen315.00 price target. To see the full list of analyst forecasts on SpiderPlus & Co. stock, see the JP:4192 Stock Forecast page.

SpiderPlus Books ¥43 Million Impairment on Vietnam Unit With No Consolidated Impact

SpiderPlus & Co. said it will book an extraordinary loss of 43 million yen in its non-consolidated financial results for fiscal 2025, stemming from a loss on valuation of shares in its consolidated subsidiary SpiderPlus Vietnam. The impairment follows an assessment under Japan’s Accounting Standard for Financial Instruments, reflecting a review of the subsidiary’s business progress and resulting in a write-down of its equity value.

The company emphasized that this loss is confined to its non-consolidated accounts and does not affect consolidated performance, signaling that the group’s overall earnings and operations remain intact. For stakeholders, the move indicates a conservative stance on valuing overseas expansion efforts, while confirming that the impact on group-level profitability and financial health is limited.

The most recent analyst rating on (JP:4192) stock is a Hold with a Yen315.00 price target. To see the full list of analyst forecasts on SpiderPlus & Co. stock, see the JP:4192 Stock Forecast page.

SpiderPlus Narrows Losses as SPIDER+ Drives 20% Revenue Growth in FY2025

SpiderPlus & Co. reported fiscal 2025 consolidated net sales of ¥4,895 million, essentially matching its forecast as uptake of its SPIDER+ service and related BPO and professional solutions progressed as planned. Through efficient investment and cost controls, the company narrowed its operating loss to ¥10 million, substantially better than its earlier projection of a ¥58 million loss.

Compared with fiscal 2024, net sales rose 20.2% on strong stock revenue from optional SPIDER+ functions and broader rollout to previously non-adopting users at existing clients. Profit metrics improved sharply, with operating loss, ordinary loss, and loss attributable to owners of parent all shrinking, signaling strengthening business fundamentals and improved earnings quality for stakeholders despite the company remaining marginally loss-making.

The most recent analyst rating on (JP:4192) stock is a Hold with a Yen315.00 price target. To see the full list of analyst forecasts on SpiderPlus & Co. stock, see the JP:4192 Stock Forecast page.

SpiderPlus Narrows Losses on Strong Recurring Revenue, Projects Return to Profit in 2026

SpiderPlus & Co. reported consolidated net sales of ¥4.9 billion for the year ended December 31, 2025, up 20.2% year on year, while trimming its net loss attributable to owners of the parent to ¥17 million from ¥771 million. The company maintained a solid equity ratio of 64.0%, saw cash and cash equivalents fall to ¥2.48 billion amid reduced financing inflows, and kept its dividend at zero, signaling a continued emphasis on reinvestment over shareholder payouts.

Non-consolidated results were buoyed by growth in annual recurring revenue, driven by an increase in new SPIDERPLUS users and higher revenue per contracted company through additional optional features. Management cited strategic investments and disciplined cost control as key drivers behind the swing from operating and ordinary losses in the prior year toward near break-even, and it forecast further top-line expansion in 2026 with net sales projected to rise about 20% to ¥5.9 billion and a return to positive operating income.

The most recent analyst rating on (JP:4192) stock is a Hold with a Yen315.00 price target. To see the full list of analyst forecasts on SpiderPlus & Co. stock, see the JP:4192 Stock Forecast page.