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BASE, Inc.
(4477)
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Rating:64Neutral
Price Target:
¥335.00
▲(9.84% Upside)
Action:Downgraded
Date:03/24/26
The score is led by improved financial performance (renewed growth, profitability recovery, strong cash generation, and low leverage). This is meaningfully offset by weak technical conditions (price below key moving averages with negative MACD and sub-40 RSI), while valuation is neutral-to-slightly supportive (P/E ~20 and ~1.82% yield).
Positive Factors
Revenue acceleration & margin recovery
The 2025 rebound in revenue and a return to healthy operating and net margins indicate the company regained demand and pricing power. Sustained mid-single-digit to high-single-digit margins support self-funded investment and signal improving unit economics if management holds discipline, strengthening medium-term earnings durability.
Negative Factors
Historic multi-year volatility
Prior multi-year losses and swings in performance indicate the business can be cyclical or execution-sensitive. This history raises the chance that the recent recovery may be transient if market conditions or execution falter, complicating medium-term forecasting and strategic planning for stable growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue acceleration & margin recovery
The 2025 rebound in revenue and a return to healthy operating and net margins indicate the company regained demand and pricing power. Sustained mid-single-digit to high-single-digit margins support self-funded investment and signal improving unit economics if management holds discipline, strengthening medium-term earnings durability.
Read all positive factors
BASE, Inc. (4477) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥35.97B
Dividend Yield1.64%
Average Volume (3M)1.27M
Price to Earnings (P/E)17.4
Beta (1Y)0.80
Revenue Growth32.07%
EPS Growth349.54%
CountryJP
Employees401
SectorGeneral
Sector StrengthN/A
IndustrySoftware - Application
Share Statistics
EPS (TTM)17.56
Shares Outstanding117,931,656
10 Day Avg. Volume1,114,520
30 Day Avg. Volume1,270,080
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)2.46
Price to Sales (P/S)1.77
P/FCF Ratio11.22
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)17.2
Revenue Forecast (FY)¥27.60B
BASE, Inc. Business Overview & Revenue Model
Company Description
BASE, Inc., a Tokyo, Japan-based company, specializes in the design, development, and management of various web services. Its operations are structured into three primary divisions: BASE Business, PAY Business, and Other Business. Key offerings in...
How the Company Makes Money
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BASE, Inc. Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
86
Very Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 22.40B | 20.73B | 15.98B | 11.68B | 9.74B | 9.93B |
| Gross Profit | 11.14B | 9.99B | 7.17B | 5.03B | 4.74B | 5.62B |
| EBITDA | 2.09B | 1.75B | -36.00M | -601.00M | -1.69B | -1.17B |
| Net Income | 2.03B | 1.83B | 340.00M | -606.00M | -1.73B | -1.19B |
Balance Sheet | ||||||
| Total Assets | 53.08B | 57.80B | 46.29B | 37.30B | 31.28B | 31.99B |
| Cash, Cash Equivalents and Short-Term Investments | 23.85B | 26.87B | 25.73B | 22.23B | 22.41B | 24.05B |
| Total Debt | 545.00M | 896.00M | 768.00M | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 37.91B | 42.68B | 32.69B | 24.30B | 17.78B | 16.89B |
| Stockholders Equity | 14.96B | 14.92B | 13.60B | 13.00B | 13.50B | 15.10B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 3.27B | 3.63B | -133.00M | -1.73B | 1.76B |
| Operating Cash Flow | 0.00 | 3.28B | 3.66B | -80.00M | -1.71B | 1.78B |
| Investing Cash Flow | 0.00 | -3.07B | -159.00M | -53.00M | -28.00M | -21.00M |
| Financing Cash Flow | 0.00 | -1.07B | 3.00M | 16.00M | 26.00M | 21.00M |
BASE, Inc. Technical Analysis
Positive
305.00
Price Trends
280.38
Positive
285.34
Positive
302.31
Positive
Market Momentum
9.07
Positive
53.94
Neutral
29.35
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:4477, the sentiment is Positive. The current price of 305 is above the 20-day moving average (MA) of 300.80, above the 50-day MA of 280.38, and above the 200-day MA of 302.31, indicating a bullish trend. The MACD of 9.07 indicates Positive momentum. The RSI at 53.94 is Neutral, neither overbought nor oversold. The STOCH value of 29.35 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:4477.
BASE, Inc. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
85 Outperform | ¥53.45B | 20.94 | ― | 2.14% | 10.70% | 13.23% | |
78 Outperform | ¥61.63B | 14.28 | ― | 3.34% | 3.30% | 2.50% | |
71 Outperform | ¥19.81B | 18.49 | ― | 3.14% | -2.50% | -17.10% | |
64 Neutral | ¥35.97B | 17.37 | ― | 1.64% | 32.07% | 349.54% | |
57 Neutral | ¥59.89B | 20.95 | ― | ― | 1042.00% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
45 Neutral | ¥34.38B | 31.43 | ― | ― | 18.09% | -50.60% |
* General Sector Average
JP:4477
BASE, Inc.
305.00
-92.13
-23.20%
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BASE, Inc. Corporate Events
BASE lifts Q1 profits on strong sales, keeps 2026 outlook and dividend plan
May 12, 2026
BASE, Inc. reported strong results for the three months ended March 31, 2026, with net sales rising 36.6% year on year to ¥6.24 billion and EBITDA surging 83.6%. Operating profit climbed 70.5% to ¥664 million and profit attributable to o...
BASE Extends Confidentiality Pact with Key Shareholder to Sustain Friendly Engagement
May 12, 2026
BASE, Inc. has extended the effective period of its confidentiality agreement with shareholder Hiroyuki Maki to a full year from the original execution date, maintaining all other conditions. The move follows two prior extensions and signals the c...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.