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BASE, Inc.
(4477)
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Rating:77Outperform
Price Target:
¥354.00
▲(16.07% Upside)
Action:Upgraded
Date:08/06/26
The score is driven primarily by improving financial performance (growth acceleration, restored profitability, strong cash-backed free cash flow, and low leverage). Technicals are moderately supportive with positive MACD and price above key moving averages, while valuation looks reasonable with a mid-teens P/E and a modest dividend yield. The main offset is the company’s historical volatility in profitability and cash flow, which tempers conviction.
Positive Factors
Accelerating revenue and profitability recovery
The return to double-digit growth alongside solid positive margins indicates improving demand and operating leverage. If sustained, this recovery can strengthen the earnings base and support continued reinvestment in the company’s software platform.
Negative Factors
Volatile profitability history
The wide earnings swings show that BASE’s profitability has not yet been proven across a full cycle. Such variability makes future margins and earnings less predictable, limiting confidence that the latest recovery represents a durable normalized level.
Read all positive and negative factors
Positive Factors
Negative Factors
Accelerating revenue and profitability recovery
The return to double-digit growth alongside solid positive margins indicates improving demand and operating leverage. If sustained, this recovery can strengthen the earnings base and support continued reinvestment in the company’s software platform.
Read all positive factors
BASE, Inc. (4477) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥36.80B
Dividend Yield1.6%
Average Volume (3M)1.27M
Price to Earnings (P/E)16.4
Beta (1Y)0.66
Revenue Growth34.68%
EPS Growth552.65%
CountryJP
Employees401
SectorGeneral
Sector StrengthN/A
IndustrySoftware - Application
Share Statistics
EPS (TTM)19.07
Shares Outstanding117,937,660
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 | 23.97B | 20.73B | 15.98B | 11.68B | 9.74B | 9.93B |
| Gross Profit | 12.22B | 9.99B | 7.17B | 5.03B | 4.74B | 5.62B |
| EBITDA | 2.38B | 1.75B | -36.00M | -601.00M | -1.69B | -1.17B |
| Net Income | 2.20B | 1.83B | 340.00M | -606.00M | -1.73B | -1.19B |
Balance Sheet | ||||||
| Total Assets | 52.13B | 57.80B | 46.29B | 37.30B | 31.28B | 31.99B |
| Cash, Cash Equivalents and Short-Term Investments | 22.50B | 26.87B | 25.73B | 22.23B | 22.41B | 24.05B |
| Total Debt | 610.00M | 896.00M | 768.00M | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 36.69B | 42.68B | 32.69B | 24.30B | 17.78B | 16.89B |
| Stockholders Equity | 15.22B | 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
287.88
Positive
284.94
Positive
301.09
Positive
Market Momentum
3.19
Negative
62.17
Neutral
88.17
Negative
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 298.30, above the 50-day MA of 287.88, and above the 200-day MA of 301.09, indicating a bullish trend. The MACD of 3.19 indicates Negative momentum. The RSI at 62.17 is Neutral, neither overbought nor oversold. The STOCH value of 88.17 is Negative, 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 |
|---|---|---|---|---|---|---|---|
82 Outperform | ¥63.23B | 15.05 | ― | 3.34% | 0.70% | -2.66% | |
80 Outperform | ¥19.76B | 19.08 | ― | 3.14% | -2.50% | -17.10% | |
79 Outperform | ¥70.69B | 25.60 | ― | 2.14% | 14.75% | 9.45% | |
77 Outperform | ¥36.80B | 16.36 | ― | 1.64% | 34.68% | 552.65% | |
59 Neutral | ¥49.31B | 38.37 | ― | ― | 28.94% | -29.21% | |
57 Neutral | ¥63.55B | 7.53 | ― | ― | 1178.31% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
JP:4477
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BASE, Inc. Corporate Events
BASE, Inc. Delivers Strong First-Half Growth and Confirms 2026 Outlook
Aug 5, 2026
BASE, Inc. reported strong results for the six months ended June 30, 2026, with net sales rising 35.5% year on year to ¥12.39 billion and EBITDA more than doubling. Operating profit jumped 87.3% to ¥1.07 billion, and profit attributable ...
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.