Amazia, Inc. (4424) AI Stock Analysis

• Market Cap: ¥1.76B
• Dividend Yield: N/A
• Average Volume (3M): 236.78K
• Price to Earnings (P/E): ―
• Beta (1Y): <0.01
• Revenue Growth: -20.74%
• EPS Growth: 36.84%
• Country: JP
• Employees: 45
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): -9.29
• Shares Outstanding: 6,754,600
• 10 Day Avg. Volume: 684,560
• 30 Day Avg. Volume: 236,783
• PEG Ratio: 0.14
• Price to Book (P/B): 2.10
• Price to Sales (P/S): 0.67
• P/FCF Ratio: -4.21
• 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: 45 Neutral
• Price Target: ¥302.00 ▼(-0.98% Downside)
• Action: Reiterated Date: 12/30/25
• Date: Action: Reiterated 12/30/25

The score is primarily pressured by deteriorating fundamentals—multi-year revenue contraction, sizeable recent losses, and negative operating/free cash flow. Technicals are neutral-to-weak with negative MACD and price below shorter-term averages. A debt-light balance sheet modestly supports the score, but losses and cash burn dominate.

Positive Factors

Low leverage / debt-light balance sheet

A near-zero debt profile materially reduces solvency and interest-rate risk, giving the company time to address operating weakness without immediate refinancing pressure. This durable financial flexibility supports survival and strategic optionality during multi-quarter turnarounds.

Positive gross margin / product contribution

Sustained positive gross margins indicate the core software offering retains unit economics and contribution per sale. That structural profitability at the gross level means restoring operating profitability is feasible via demand recovery or controlled operating cost reductions.

Historic ability to generate cash (2020–2022)

Prior multi-year positive cash generation demonstrates the business model can convert revenue into free cash flow under different operating conditions. This historical track record supports the view that cash-flow weakness may be cyclical and potentially reversible with execution.

Negative Factors

Multi-year revenue contraction and losses

Persistent revenue shrinkage and a materially negative trailing margin erode operating leverage and indicate weakening demand or monetization. Over several quarters this undermines scale economics, makes fixed cost absorption harder, and raises the bar for sustainable recovery.

Negative operating and free cash flow (2023–2025)

Sustained cash burn forces reliance on existing cash or external financing, increasing dilution or financing risk. Negative OCF/FCF over multiple years constrains reinvestment for product, sales, or R&D and limits runway unless structural revenue or cost changes occur.

Shrinking equity and deteriorating returns

Declining shareholder equity signals cumulative losses and reduces financial resilience. Shrinking equity restricts capacity to absorb further losses, limits non-dilutive financing options, and can impair strategic choices like M&A or hiring during a multi-quarter recovery effort.

Amazia, Inc. Business Overview & Revenue Model

Company Description

Amazia,inc. plans, operates, and manages manga applications worldwide. It offers Manga BANG!, a service that accommodates new reading, masterpieces, and works of various genres for users; and Manga Epic!, a manga posting service that allows manga artists to read a work by various people. The company was founded in 2009 and is headquartered in Tokyo, Japan.

How the Company Makes Money

Amazia, Inc. generates revenue through multiple streams. Its primary revenue source is its e-commerce platform, where it earns money by selling products directly to consumers and charging third-party sellers a fee to list their products on its site. The company also makes significant earnings from its cloud computing division, which offers scalable computing resources and services on a subscription basis to businesses globally. Additionally, Amazia profits from its digital streaming services, which provide consumers with access to a vast library of media content through subscription fees. Strategic partnerships and investments in technology further enhance Amazia's revenue, positioning it as a leader in various high-growth sectors.

Amazia, Inc. Financial Statement Overview

Summary

Operating performance is weak: the income statement shows a multi-year revenue decline and sizeable losses in 2024–2025 (TTM net margin around -13%), and cash flow has turned negative with operating and free cash flow outflows in 2023–2025. The main offset is a low-risk capital structure with effectively no debt, though equity has been shrinking due to losses.

Income Statement

Profitability has deteriorated sharply versus earlier years: the company moved from solid profitability in 2020 to near-breakeven in 2022–2023 and then to sizeable losses in 2024–2025, with TTM (Trailing-Twelve-Months) net margin around -13%. Revenue has also contracted for multiple consecutive years, including a steep decline in 2025, signaling weakening demand and/or monetization pressure. A partial positive is that gross margin, while down from 2020–2022 levels, remains positive—suggesting the core product still generates contribution—but current operating costs overwhelm that gross profit.

Balance Sheet

The balance sheet is conservatively structured with effectively no debt in recent years (debt-to-equity at or near zero), reducing financial risk and near-term solvency pressure. However, equity has been shrinking meaningfully since 2022, consistent with ongoing losses, and returns to shareholders are deeply negative in 2024–2025. Overall, low leverage is a clear strength, but declining equity and weak returns are notable concerns.

Cash Flow

Cash generation has weakened materially: operating cash flow and free cash flow are negative in 2023–2025, with a large cash outflow in 2025. While free cash flow is roughly in line with net losses (cash burn tracking reported losses), the business is currently not self-funding, which increases reliance on existing cash resources or external financing if the trend persists. The earlier period (2020–2022) showed positive cash generation, but the recent multi-year reversal is a major negative.

Breakdown	Sep 2025	Sep 2024	Sep 2023	Sep 2022	Sep 2021
Income Statement
Total Revenue	2.84B	3.59B	4.65B	6.55B	7.51B
Gross Profit	575.91M	963.75M	1.45B	2.35B	2.69B
EBITDA	-372.22M	-388.62M	14.51M	120.36M	296.00M
Net Income	-372.27M	-589.44M	-60.93M	41.24M	185.34M
Balance Sheet
Total Assets	1.46B	1.95B	2.58B	2.86B	3.02B
Cash, Cash Equivalents and Short-Term Investments	460.59M	928.51M	1.35B	1.73B	1.90B
Total Debt	0.00	0.00	0.00	0.00	0.00
Total Liabilities	554.45M	670.61M	697.17M	822.88M	970.48M
Stockholders Equity	907.10M	1.28B	1.88B	2.04B	2.05B
Cash Flow
Free Cash Flow	-452.65M	-376.52M	-233.09M	49.42M	223.70M
Operating Cash Flow	-451.53M	-336.37M	-160.08M	57.33M	224.13M
Investing Cash Flow	-16.39M	-83.39M	-196.97M	-130.30M	-25.89M
Financing Cash Flow	0.00	2.53M	-28.84M	-94.92M	7.37M

Amazia, Inc. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 305.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:4424, the sentiment is Negative. The current price of 305 is above the 20-day moving average (MA) of 280.05, above the 50-day MA of 289.30, and above the 200-day MA of 300.62, indicating a bearish trend. The MACD of -5.40 indicates Positive momentum. The RSI at 39.23 is Neutral, neither overbought nor oversold. The STOCH value of 20.99 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:4424.

Amazia, Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
5580	68 Neutral	¥2.66B	21.04	―	―	29.04%	-21.85%
4168	67 Neutral	¥9.49B	10.50	―	0.70%	9.78%	-23.98%
4255	66 Neutral	¥4.23B	24.17	―	―	12.56%	―
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
4174	55 Neutral	¥2.76B	-134.48	―	3.41%	18.78%	-134.64%
4199	48 Neutral	¥2.89B	-15.57	―	―	-5.44%	-242.43%
4424	45 Neutral	¥1.76B	-5.53	―	―	-20.74%	36.84%