Amazia, Inc. (4424) AI Stock Analysis

• Market Cap: ¥1.67B
• 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: ¥248.00 ▼(-18.69% 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 / conservatively structured balance sheet

Effectively zero debt materially reduces near-term solvency risk and interest burden, giving management time and optionality to execute a turnaround or raise capital on better terms. This durable low-leverage profile supports flexibility over the next 2–6 months while losses persist.

Positive gross margin / core product contribution

A positive gross margin indicates the core software product still produces unit economics that cover direct costs. That structural profitability at the contribution level means sustainable margin recovery is achievable if overhead is reined in or revenue stabilizes, supporting medium-term viability.

Prior track record of positive cash generation

Historical ability to generate operating cash demonstrates underlying business viability and operational capability. This prior performance suggests management can potentially restore cash flow through cost control or product focus, a durable asset if strategic adjustments are implemented.

Negative Factors

Multi-year revenue contraction and sizeable losses

Sustained revenue declines and a negative ~-13% TTM net margin signal weakened demand or monetization and erode scale economics. Over several quarters this diminishes pricing power, reduces reinvestment capacity, and makes it harder to restore profitable growth without structural changes.

Negative operating and free cash flow / recent cash burn

Ongoing operating and free cash flow deficits create reliance on existing cash or new financing. Persistent cash burn limits runway, constrains investments in product and sales, and increases execution risk; absent a reversal, this structural cash gap poses medium-term survival and dilution risks.

Shrinking equity and deeply negative shareholder returns

A declining equity base reflects cumulative losses and reduces the balance sheet cushion for stress. This erosion increases the likelihood of dilution or asset sales to raise funds and weakens long-term investor confidence, constraining strategic options over the coming months.

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.

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	698.28M	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: Positive

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 268.00, above the 50-day MA of 279.42, and above the 200-day MA of 298.55, indicating a bearish trend. The MACD of -6.34 indicates Positive momentum. The RSI at 40.15 is Neutral, neither overbought nor oversold. The STOCH value of 8.10 is Positive, 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	¥2.69B	78.31	―	―	29.04%	-21.85%
4168	67 Neutral	¥8.91B	11.67	―	0.70%	9.78%	-23.98%
4255	66 Neutral	¥4.12B	28.86	―	―	12.56%	―
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
4424	45 Neutral	¥1.67B	-7.88	―	―	-20.74%	36.84%
4174	41 Neutral	¥2.61B	-5.71	―	3.41%	18.78%	-134.64%
4199	41 Neutral	¥2.55B	-4.15	―	―	-5.44%	-242.43%