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SpiderPlus & Co.
(4192)
SpiderPlus & Co. (4192) vs. iShares MSCI Japan ETF (EWJ)
SpiderPlus & Co. Business Overview & Revenue Model
SpiderPlus & Co. Financial Statement Overview
| 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
SpiderPlus & Co. Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | ¥9.49B | 13.21 | ― | 1.48% | 17.83% | 34.25% | |
67 Neutral | ¥8.91B | 11.67 | ― | 0.70% | 9.78% | -23.98% | |
66 Neutral | ¥4.86B | 21.99 | ― | ― | 7.60% | 19.13% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
58 Neutral | ¥11.75B | 23.59 | ― | ― | 14.63% | -760.87% | |
57 Neutral | ¥42.97B | 29.34 | ― | ― | 29.56% | 86.66% | |
51 Neutral | ¥8.91B | -594.91 | ― | ― | 22.18% | 28.27% |
SpiderPlus & Co. Corporate Events
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 limits, will provide up to ¥60 million per year in stock-based pay, capped at 200,000 shares annually, representing 0.6% or less of issued shares, with pricing tied to market levels.
The plan is designed to strengthen incentives for sustainable corporate value creation and to better align directors’ interests with those of shareholders by imposing multi-year transfer restrictions and forfeiture conditions on allotted shares. Governance safeguards include oversight by the Nomination and Compensation Advisory Committee, strict lock-up periods, automatic clawbacks if directors leave under non-justifiable circumstances, and mechanisms to adjust or lift restrictions in the event of organizational restructuring, underscoring a more sophisticated, equity-linked pay structure for key management.
The most recent analyst rating on (JP:4192) stock is a Hold with a Yen270.00 price target. To see the full list of analyst forecasts on SpiderPlus & Co. stock, see the JP:4192 Stock Forecast page.
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 expected to continue as independent officers under Tokyo Stock Exchange rules. The company is also adding seasoned technology and consulting executive Hitoshi Kawahara as a new outside director and planned independent officer, while CFO Yutaka Fujiwara will step down from the board to concentrate on business execution as an executive officer, indicating a strategic move to bolster both governance and operational focus.
Kawahara brings extensive leadership experience from IBM Japan, Salesforce Japan, Deloitte Tohmatsu Consulting, and multiple advisory and outside director roles, which is expected to strengthen SpiderPlus’s board with global enterprise, digital transformation, and consulting expertise. By reshaping its board and clarifying the separation between oversight and execution, SpiderPlus appears to be reinforcing its corporate governance framework in line with growth market expectations, potentially enhancing strategic decision-making and stakeholder confidence.
The most recent analyst rating on (JP:4192) stock is a Hold with a Yen270.00 price target. To see the full list of analyst forecasts on SpiderPlus & Co. stock, see the JP:4192 Stock Forecast page.
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, positioning itself as a provider of operational efficiency and labor-saving technologies in a sector facing structural workforce constraints.
In its FY2025 Q4 results briefing materials, SpiderPlus outlines the backdrop of a construction industry expected to enjoy long-term expansion on the back of national resilience policies, urban redevelopment projects, and strong infrastructure demand. At the same time, it highlights an increasingly severe labor shortage and supply-demand imbalance, underscoring a growing need for productivity-enhancing technologies that can secure construction capacity and support sustainable industry growth.
The most recent analyst rating on (JP:4192) stock is a Hold with a Yen270.00 price target. To see the full list of analyst forecasts on SpiderPlus & Co. stock, see the JP:4192 Stock Forecast page.
SpiderPlus & Co. has released the transcript of the Q&A 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 other stakeholders detailed visibility into management’s views on the company’s performance and strategic direction.
Topics addressed in the Q&A span business strengths, hiring and human capital investment, the expansion of solution businesses such as BPO and professional services, and the company’s policy for using generative AI. Management also discussed shifts in the revenue model, overseas growth in Southeast Asia, and how AI may affect SaaS replacement risks.
Further discussion covered migration to the SPIDER+ Workspace offering and its impact on metrics like ARPU and ARPA, as well as efforts to horizontally deploy jointly developed functions across customers. The company also outlined its stance on alliances and M&A opportunities, together with initiatives aimed at reducing churn rates.
The briefing included explanations of the rationale behind FY2026 financial forecasts and SpiderPlus’s approach to balancing investment discipline with profit and loss considerations. Management additionally addressed capital reduction and the potential timing for initiating dividends, underscoring ongoing efforts to optimize capital structure and shareholder returns.
The most recent analyst rating on (JP:4192) stock is a Hold with a Yen270.00 price target. To see the full list of analyst forecasts on SpiderPlus & Co. stock, see the JP:4192 Stock Forecast page.
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 & 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 & 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 & 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.