SpiderPlus & Co. (JP:4192)
:4192
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SpiderPlus & Co.
(4192)
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Rating:51Neutral
Price Target:
¥264.00
▼(-9.59% Downside)
Action:ReiteratedDate:03/07/26
The score is held back primarily by weak technicals (price below key moving averages, negative MACD) and a loss-making profile implied by the negative P/E. These are partly offset by improving fundamentals, including solid revenue growth, strong gross margins, and a positive cash flow inflection in 2025.
Positive Factors
High Gross Margin / Unit Economics
A ~74% gross margin in 2025 indicates strong unit economics typical of scalable software platforms. Durable high margins provide room to invest in product, sales and support while sustaining profitability as revenue scales, reducing sensitivity to variable costs.
Negative Factors
Not Yet Consistently Profitable
Despite margin improvement and revenue growth, the company remains slightly loss-making in 2025. Persistent near-term losses can erode equity, limit reinvestment capacity, and require prolonged improvement in operating leverage before durable net-profitability is achieved.
Read all positive and negative factors
Positive Factors
Negative Factors
High Gross Margin / Unit Economics
A ~74% gross margin in 2025 indicates strong unit economics typical of scalable software platforms. Durable high margins provide room to invest in product, sales and support while sustaining profitability as revenue scales, reducing sensitivity to variable costs.
Read all positive factors
SpiderPlus & Co. (4192) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥10.16B
Dividend YieldN/A
Average Volume (3M)132.61K
Price to Earnings (P/E)―
Beta (1Y)0.98
Revenue Growth22.18%
EPS Growth28.27%
CountryJP
Employees250
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)2.15
Shares Outstanding35,507,400
10 Day Avg. Volume279,900
30 Day Avg. Volume132,610
Financial Highlights & Ratios
PEG Ratio6.09
Price to Book (P/B)3.88
Price to Sales (P/S)2.11
P/FCF Ratio163.44
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)17.8
Revenue Forecast (FY)¥7.15B
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, i...
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 incl...
SpiderPlus & Co. Financial Statement Overview
Summary
Income Statement
55
Neutral
Balance Sheet
68
Positive
Cash Flow
60
Neutral
| 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
Positive
292.00
Price Trends
275.64
Positive
296.64
Negative
378.47
Negative
Market Momentum
1.94
Negative
58.77
Neutral
88.89
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:4192, the sentiment is Positive. The current price of 292 is above the 20-day moving average (MA) of 259.85, above the 50-day MA of 275.64, and below the 200-day MA of 378.47, indicating a neutral trend. The MACD of 1.94 indicates Negative momentum. The RSI at 58.77 is Neutral, neither overbought nor oversold. The STOCH value of 88.89 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:4192.
SpiderPlus & Co. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | ¥9.63B | 13.21 | ― | 1.48% | 17.83% | 34.25% | |
67 Neutral | ¥9.44B | 11.67 | ― | 0.70% | 9.78% | -23.98% | |
66 Neutral | ¥4.89B | 21.99 | ― | ― | 7.60% | 19.13% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
59 Neutral | ¥43.25B | 106.87 | ― | ― | 29.56% | 86.66% | |
58 Neutral | ¥12.72B | 23.59 | ― | ― | 14.63% | -760.87% | |
51 Neutral | ¥10.16B | -594.91 | ― | ― | 22.18% | 28.27% |
* Technology Sector Average
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SpiderPlus & Co. Corporate Events
SpiderPlus & Co. to Introduce Restricted Stock Plan for Directors
Feb 26, 2026
SpiderPlus Co. plans to introduce a new restricted stock compensation plan for its directors, including outside directors, pending shareholder approval at its March 25, 2026 annual meeting. The scheme, separate from existing cash compensation lim...
SpiderPlus Revamps Board Lineup to Strengthen Governance and Execution
Feb 26, 2026
SpiderPlus Co. has nominated six director candidates for approval at its 27th Ordinary General Meeting of Shareholders on March 25, 2026, including the reappointment of President Kenji Ito and five other directors, with three outside directors ex...
SpiderPlus & Co. Targets Construction Productivity Amid Labor Shortages
Feb 19, 2026
SpiderPlus Co., listed on the TSE Growth market, develops and provides technology solutions aimed at improving productivity and reforming work methods at construction sites. The company focuses on digital tools for the construction industry, posi...
SpiderPlus Publishes Q&A Transcript and Video From FY2025 Results Briefing
Feb 19, 2026
SpiderPlus Co. has released the transcript of the QA session and archived video from its financial results briefing held on February 12, 2026, featuring President and CEO Kenji Ito and CFO Yutaka Fujiwara. The disclosure offers investors and othe...
SpiderPlus&Co. Moves to Restructure Capital and Eliminate Retained Earnings Deficit
Feb 12, 2026
SpiderPlusCo. 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 sh...
SpiderPlus Books ¥43 Million Impairment on Vietnam Unit With No Consolidated Impact
Feb 12, 2026
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 foll...
SpiderPlus Narrows Losses as SPIDER+ Drives 20% Revenue Growth in FY2025
Feb 12, 2026
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 a...
SpiderPlus Narrows Losses on Strong Recurring Revenue, Projects Return to Profit in 2026
Feb 12, 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 comp...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.