PIA Corporation (4337) AI Stock Analysis

• Market Cap: ¥46.21B
• Dividend Yield: N/A
• Average Volume (3M): 70.81K
• Price to Earnings (P/E): 14.3
• Beta (1Y): 0.62
• Revenue Growth: 22.66%
• EPS Growth: 230.19%
• Country: JP
• Employees: 448
• Sector: Communication Services
• Sector Strength: 97
• Industry: Specialty Business Services
• EPS (TTM): 37.37
• Shares Outstanding: 15,668,713
• 10 Day Avg. Volume: 123,020
• 30 Day Avg. Volume: 70,813
• PEG Ratio: 0.61
• Price to Book (P/B): 5.60
• Price to Sales (P/S): 0.89
• P/FCF Ratio: 2.67
• 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: 64 Neutral
• Price Target: ¥2,814.00 ▲(5.91% Upside)
• Action: Reiterated Date: 11/14/25
• Date: Action: Reiterated 11/14/25

PIA Corporation's overall stock score is driven by solid financial performance and reasonable valuation. However, technical indicators suggest bearish momentum, which weighs down the score. The absence of earnings call data and corporate events limits further insights.

Positive Factors

Sustained Revenue Growth

Consistent revenue growth above 20% signals sustained demand and successful go-to-market execution. Over 2-6 months this supports reinvestment in product and sales, underpins operating leverage, and raises the baseline for future margin expansion and cash generation.

Strong Cash Generation

Robust operating and free cash flow conversion shows the business reliably turns profits into cash. This durable cash generation funds capex, working capital and deleveraging, reducing refinancing risk and enabling strategic investments without relying on external equity.

Healthy Gross and Improving Margins

High gross margins and improving EBIT/EBITDA indicate structural cost advantages or pricing power in core services. Sustained margin improvement enhances resilience to input cost swings and supports higher operating cash flow and return metrics over the medium term.

Negative Factors

Low Equity Ratio

A very low equity ratio means limited shareholder capital cushions against losses and raises solvency sensitivity to shocks. Over several months this structural weakness heightens default or restructuring risk under adverse revenue or cash flow scenarios.

Moderate Financial Leverage

Elevated leverage increases fixed interest obligations and reduces financial flexibility. In a downcycle or if cash generation weakens, servicing debt may crowd out investments or force asset sales, making capital allocation and growth planning more constrained.

Thin Net Margin and Past Volatility

Despite strong top-line and gross margins, a low net margin leaves little buffer for cost shocks and limits retained earnings. Historical episodes of negative margins signal operational volatility, raising questions about consistent long-term profitability and margin sustainability.

PIA Corporation Business Overview & Revenue Model

Company Description

PIA Corporation engages in the ticketing/publishing/planning, production, and operation of concerts and events in Japan. The company distributes tickets through online computer ticketing system for music, sports, theater, film, leisure events, etc., including internet, convenience stores, shops, telephone, and member services. It also publishes books and magazine books; and provides business solutions, including ticketing, promotion, and planning customer management strategy services for entertainment promoters/sports associations/theater troupes, venues, theaters, stadiums, and TV stations/production, as well as concert and event organizers, such as co-sponsors, investors, etc. In addition, the company is involved in organizing, planning, producing, and managing various entertainment events, such as music festivals, stages, original events, films, and topical events; and develops and operates contents for the leisure and entertainment fields through various platforms comprising web media and portal site/SNS. Further, it manages live houses, halls, theatres, and arenas; handles ticket sales management for various international conventions. PIA Corporation was founded in 1972 and is headquartered in Tokyo, Japan.

How the Company Makes Money

PIA Corporation generates revenue through a multi-faceted business model that includes direct sales of software and hardware products, subscription-based services for cloud and IT management solutions, and consulting fees for customized technology implementations. Key revenue streams include licensing fees from proprietary software, recurring revenue from cloud service subscriptions, and project-based income from large-scale IT infrastructure deployments. The company also benefits from strategic partnerships with technology providers and telecommunications companies, which enhance its service offerings and expand its market reach, thereby contributing significantly to its overall earnings.

PIA Corporation Financial Statement Overview

Summary

PIA Corporation exhibits solid financial health with strong revenue growth and improved margins. The balance sheet shows moderate leverage but a low equity ratio, indicating potential financial vulnerability. Cash flow analysis highlights robust cash generation, supporting growth prospects.

Income Statement

PIA Corporation has demonstrated strong revenue growth, improving from a challenging period in 2021. The gross profit margin for 2025 is robust at 37.18%, with a significant improvement in the net profit margin to 3.51%. EBIT and EBITDA margins have also strengthened, indicating enhanced operational efficiency. However, the company previously experienced negative margins, which suggests past instability.

Balance Sheet

The balance sheet shows a manageable debt-to-equity ratio of 2.44, indicating moderate leverage. The return on equity for 2025 is 21.99%, reflecting strong profitability relative to equity. The equity ratio is relatively low at 7.08%, highlighting potential vulnerability to financial instability. Overall, the company has improved its equity over time, enhancing financial stability.

Cash Flow

Cash flow from operations has been consistently positive, with significant free cash flow growth observed. The free cash flow to net income ratio stands at an impressive 9.53, showing the company's ability to generate cash relative to its net income. The operating cash flow to net income ratio is 9.64, further emphasizing strong cash generation capabilities. This financial health in cash flows supports future growth and stability.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	48.76B	45.36B	39.59B	32.76B	25.83B	67.49B
Gross Profit	19.22B	16.87B	13.70B	11.95B	8.35B	3.60B
EBITDA	6.58B	4.84B	3.57B	3.84B	1.65B	-4.03B
Net Income	2.55B	1.59B	1.12B	1.42B	-1.12B	-6.66B
Balance Sheet
Total Assets	116.76B	102.15B	90.27B	74.80B	64.60B	52.78B
Cash, Cash Equivalents and Short-Term Investments	54.86B	46.30B	33.92B	26.36B	24.36B	15.13B
Total Debt	17.36B	17.62B	18.63B	21.22B	25.04B	28.11B
Total Liabilities	107.96B	94.91B	84.73B	70.44B	61.79B	50.88B
Stockholders Equity	8.79B	7.24B	5.54B	4.35B	2.81B	1.85B
Cash Flow
Free Cash Flow	0.00	15.16B	10.55B	5.84B	10.46B	-25.34B
Operating Cash Flow	0.00	15.34B	12.38B	9.36B	13.06B	-21.86B
Investing Cash Flow	0.00	-1.93B	-2.22B	-3.56B	-2.70B	-4.16B
Financing Cash Flow	0.00	-1.02B	-2.60B	-3.80B	-1.13B	17.29B

PIA Corporation Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2657.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:4337, the sentiment is Positive. The current price of 2657 is below the 20-day moving average (MA) of 2789.55, below the 50-day MA of 2712.00, and below the 200-day MA of 2979.03, indicating a neutral trend. The MACD of 62.85 indicates Negative momentum. The RSI at 68.79 is Neutral, neither overbought nor oversold. The STOCH value of 76.44 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:4337.

PIA Corporation Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
7911	74 Outperform	¥1.32T	18.56	6.28%	1.07%	3.01%	6.48%
7912	73 Outperform	¥1.55T	17.52	6.97%	1.47%	3.37%	-31.10%
7914	68 Neutral	¥43.71B	12.71	―	3.71%	-0.04%	93.95%
7868	65 Neutral	¥67.23B	19.23	―	2.88%	0.02%	-27.38%
4337	64 Neutral	¥46.21B	14.25	―	―	22.66%	230.19%
4384	62 Neutral	¥115.72B	35.71	19.59%	0.16%	18.08%	136.77%
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%

PIA Corporation Corporate Events

PIA Completes Payment Procedures for Employee Restricted Stock Issuance

PIA Corporation has completed the payment procedures for a previously approved issuance of 12,000 shares of restricted common stock, priced at 2,561 yen per share for a total of 30.73 million yen. The shares have been allotted to 33 employees of the parent company and 7 employees of a subsidiary, underscoring the company’s use of restricted stock as an incentive and retention tool that more closely ties employee compensation to corporate value and long-term performance.

The most recent analyst rating on (JP:4337) stock is a Buy with a Yen3281.00 price target. To see the full list of analyst forecasts on PIA Corporation stock, see the JP:4337 Stock Forecast page.

PIA Corporation Announces Issuance of Restricted Stock for Employee Incentive Program

PIA Corporation announced the issuance of 12,000 restricted stock shares to employees and subsidiaries as part of an incentive plan to promote long-term corporate value and retain eligible employees. This initiative introduces transfer restrictions for the shares over a five-year period and aligns employee engagement with the company’s goals, while minimizing share dilution in the market.

The most recent analyst rating on (JP:4337) stock is a Hold with a Yen3198.00 price target. To see the full list of analyst forecasts on PIA Corporation stock, see the JP:4337 Stock Forecast page.

PIA Corporation Ups Financial and Dividend Forecasts Amid Strong Market Performance

PIA Corporation has revised its financial forecasts for the fiscal year ending March 31, 2026, due to stronger-than-expected performance in the domestic leisure and entertainment market. The company increased its net sales, operating profit, and dividend forecasts, reflecting robust ticket sales and related activities. The year-end dividend forecast has been raised to ¥20 per share, marking the highest level since the company went public, driven by strong business results and a positive outlook for distributable profit.

The most recent analyst rating on (JP:4337) stock is a Hold with a Yen3504.00 price target. To see the full list of analyst forecasts on PIA Corporation stock, see the JP:4337 Stock Forecast page.

PIA Corporation Reports Strong Financial Growth and Positive Outlook

PIA Corporation reported a significant increase in its consolidated financial results for the six months ended September 30, 2025, with net sales rising by 23.9% and profit attributable to owners of the parent increasing by 199.5% compared to the previous year. The company has revised its earnings forecasts for the fiscal year ending March 31, 2026, indicating a positive outlook with expected growth in net sales and profits, which reflects its strengthened market position and operational efficiency.

The most recent analyst rating on (JP:4337) stock is a Hold with a Yen3504.00 price target. To see the full list of analyst forecasts on PIA Corporation stock, see the JP:4337 Stock Forecast page.