Amazia, Inc. (4424) AI Stock Analysis

• Market Cap: ¥1.83B
• 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: ¥256.00 ▼(-16.07% 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

A virtually debt-free balance sheet materially reduces near-term solvency and interest-rate exposure, extending runway while losses persist. This structural strength gives management durable financing optionality and lowers default risk over the next several quarters.

Positive gross margin

A positive gross margin indicates the core offering retains unit-level economics; if fixed operating costs are reined in or revenue stabilizes, the company can leverage contribution to restore profitability. This is a lasting indicator of recoverable business fundamentals.

Prior cash generation track record

Historical ability to generate operating cash flow demonstrates the business model has supported self-funding in better periods. Combined with low leverage, this track record suggests management can potentially return to cash-positive operations after restructuring or revenue recovery.

Negative Factors

Multi-year revenue decline

Sustained top-line contraction undercuts scale and market position, erodes operating leverage, and makes fixed-cost absorption harder. Over a 2–6 month horizon this trend materially reduces prospects for margin recovery and limits reinvestment capacity.

Negative operating and free cash flow

Persistent cash burn increases reliance on existing cash or new financing, raising dilution or refinancing risk. The structural cash outflows constrain investment in product and sales, forcing trade-offs that can weaken competitive position over the medium term.

Sustained net losses and shrinking equity

Ongoing sizable losses erode shareholder equity and reduce financial flexibility, making capital raises likelier and more dilutive. Continued negative profitability also limits strategic options and may pressure long-term viability if uncorrected.

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. 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: Neutral
• Last Price: 305.00
• 50DMA: Negative
• 100DMA: Negative
• 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:4424, the sentiment is Neutral. The current price of 305 is above the 20-day moving average (MA) of 275.65, above the 50-day MA of 284.70, and above the 200-day MA of 299.71, indicating a neutral trend. The MACD of -5.19 indicates Negative momentum. The RSI at 50.66 is Neutral, neither overbought nor oversold. The STOCH value of 68.50 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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	¥2.64B	78.31	―	―	29.04%	-21.85%
4168	67 Neutral	¥9.66B	11.67	―	0.70%	9.78%	-23.98%
4255	66 Neutral	¥4.13B	19.77	―	―	12.56%	―
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
4174	55 Neutral	¥2.74B	-7.76	―	3.41%	18.78%	-134.64%
4424	45 Neutral	¥1.83B	-7.88	―	―	-20.74%	36.84%
4199	41 Neutral	¥2.61B	-4.15	―	―	-5.44%	-242.43%