Makuake, Inc. (4479) AI Stock Analysis

• Market Cap: ¥10.71B
• Dividend Yield: N/A
• Average Volume (3M): 67.53K
• Price to Earnings (P/E): 26.6
• Beta (1Y): 0.85
• Revenue Growth: 25.33%
• EPS Growth: N/A
• Country: JP
• Employees: 165
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): 1.70
• Shares Outstanding: 12,748,700
• 10 Day Avg. Volume: 54,690
• 30 Day Avg. Volume: 67,533
• PEG Ratio: 0.78
• Price to Book (P/B): 1.28
• Price to Sales (P/S): 1.76
• P/FCF Ratio: -5.85
• 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: 66 Neutral
• Price Target: ¥924.00 ▲(7.94% Upside)

The score is driven primarily by the improved 2025 financial performance (profit and cash-flow turnaround) and a very conservative balance sheet with zero debt. This is offset by historically inconsistent results and a relatively high P/E, while technicals are moderately supportive but still mixed versus the longer-term trend.

Positive Factors

Financial Recovery

The strong financial recovery with a significant increase in net sales and return to profitability enhances Makuake's market position and stakeholder confidence.

Balance Sheet Health

A debt-free balance sheet offers Makuake significant financial flexibility, reducing solvency risk and enabling strategic investments without financial strain.

Cash Flow Improvement

The rebound in cash generation indicates improved earnings quality and operational efficiency, supporting sustainable growth and financial stability.

Negative Factors

Earnings Volatility

Historical earnings volatility raises concerns about the consistency of future profitability, potentially impacting investor confidence and strategic planning.

Cash Flow Consistency

Inconsistent cash flow history poses risks to financial stability and limits the company's ability to fund operations and growth initiatives reliably.

Revenue Growth Volatility

While recent revenue growth is positive, past volatility suggests potential challenges in maintaining consistent growth, affecting long-term strategic planning.

Makuake, Inc. Business Overview & Revenue Model

Company Description

Makuake, Inc. operates the Makuake crowdfunding platform in Japan. It provides support services for new business development and human resource development; displays and sells products; and operates a shopping site that sells finished products to the consumers. The company was incorporated in 2013 and is headquartered in Tokyo, Japan.

How the Company Makes Money

Makuake, Inc. generates revenue primarily through commission fees on successful crowdfunding campaigns hosted on its platform. When a project reaches its funding goal, Makuake takes a percentage of the total funds raised as a service fee. This fee is the primary source of income for the company. Additionally, Makuake may offer premium services or promotional tools for project creators to enhance their campaigns, providing an additional revenue stream. Partnerships with other businesses, such as manufacturers and retailers, can also influence earnings by expanding Makuake's network and reach, although specific financial details of such partnerships are not typically disclosed.

Makuake, Inc. Financial Statement Overview

Summary

Makuake, Inc. faces profitability challenges despite strong gross margins and a robust balance sheet with no debt. The cash flow situation is concerning, with consistent negative free cash flow, impacting the company's ability to generate cash from operations. The company needs to improve profitability and cash flow generation to enhance financial performance.

Income Statement

Makuake, Inc. has experienced fluctuating revenue and profit margins over the years. The TTM data shows a gross profit margin of 76.54% and a net profit margin of 0.18%, highlighting high gross margins but very low net profitability. The company has struggled with profitability in recent periods, indicated by negative EBIT and EBITDA margins in the recent annual report, though there is some improvement in the trailing twelve months.

Balance Sheet

The balance sheet demonstrates strong equity with an equity ratio of 76.06% in the TTM period, reflecting a solid balance sheet. Makuake, Inc. has no debt, contributing to its financial stability. However, the ROE is low at 0.13% due to minimal net income, which limits the strength of the equity returns.

Cash Flow

Cash flow statements indicate significant challenges, with negative free cash flow in recent periods, including the TTM period. The operating cash flow to net income ratio is unfavorable due to zero operating cash flow in the TTM, while previous periods showed substantial negative cash flows.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	4.27B	4.58B	3.65B	3.81B	4.21B	4.62B
Gross Profit	3.21B	3.44B	2.78B	3.06B	3.36B	3.81B
EBITDA	628.40M	602.91M	56.21M	-454.00M	-152.00M	437.61M
Net Income	444.16M	407.26M	-103.60M	-491.08M	-1.35B	246.64M
Balance Sheet
Total Assets	7.71B	7.45B	6.65B	7.96B	8.26B	10.33B
Cash, Cash Equivalents and Short-Term Investments	6.06B	5.97B	5.06B	6.41B	7.32B	8.59B
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	2.31B	2.03B	1.63B	2.85B	2.68B	3.46B
Stockholders Equity	5.39B	5.42B	5.01B	5.11B	5.58B	6.87B
Cash Flow
Free Cash Flow	0.00	971.17M	-1.10B	-921.82M	-1.34B	-161.97M
Operating Cash Flow	0.00	985.08M	-1.09B	-339.22M	-827.32M	151.41M
Investing Cash Flow	0.00	-81.42M	-276.71M	-582.12M	-475.79M	-586.41M
Financing Cash Flow	0.00	4.50M	18.51M	14.01M	33.66M	3.92B

Makuake, Inc. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 856.00
• 50DMA: Positive
• 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:4479, the sentiment is Positive. The current price of 856 is above the 20-day moving average (MA) of 839.55, above the 50-day MA of 783.62, and below the 200-day MA of 861.45, indicating a neutral trend. The MACD of 13.74 indicates Positive momentum. The RSI at 58.38 is Neutral, neither overbought nor oversold. The STOCH value of 73.05 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:4479.

Makuake, Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
4479	66 Neutral	¥10.71B	26.64	―	―	25.33%	―
3454	63 Neutral	¥16.84B	9.63	―	2.86%	36.31%	52.62%
3121	44 Neutral	¥6.97B	-76.19	―	0.96%	-23.90%	-146.54%
8783	41 Neutral	¥9.09B	―	―	―	-17.04%	46.36%
2134	41 Neutral	¥18.07B	-10.29	―	―	-21.88%	17.12%
3113	39 Underperform	¥6.13B	-6.77	―	―	-42.35%	42.01%

Makuake, Inc. Corporate Events

Makuake, Inc. Affirms Independence and Fair Practices with Parent Company CyberAgent

Makuake, Inc. has announced details regarding its relationship with its parent company, CyberAgent, Inc., which holds a 50.87% voting rights stake. The company maintains its independence in business decisions despite having a director from CyberAgent. Makuake ensures fair transaction terms with its parent company, focusing on economic rationality and protecting minority shareholders’ interests.

Makuake, Inc. Reports Strong Financial Recovery in FY 2025

Makuake, Inc. reported significant financial growth for the fiscal year ending September 30, 2025, with a 25.3% increase in net sales and a return to profitability. The company’s improved financial performance indicates a strong recovery from the previous year’s losses, enhancing its market position and providing positive implications for stakeholders.