Lancers, Inc. (4484) AI Stock Analysis

• Market Cap: ¥5.10B
• Dividend Yield: N/A
• Average Volume (3M): 62.04K
• Price to Earnings (P/E): 26.1
• Beta (1Y): 1.15
• Revenue Growth: 4.36%
• EPS Growth: -0.02%
• Country: JP
• Employees: 152
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): 2.51
• Shares Outstanding: 16,245,228
• 10 Day Avg. Volume: 33,840
• 30 Day Avg. Volume: 62,036
• PEG Ratio: 0.35
• Price to Book (P/B): 2.51
• Price to Sales (P/S): 0.74
• P/FCF Ratio: 0.00
• 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: 55 Neutral
• Price Target: ¥309.00 ▲(2.66% Upside)
• Action: Reiterated Date: 12/30/25
• Date: Action: Reiterated 12/30/25

The score is driven primarily by financials: profitability has recovered, but the reported 2025 revenue collapse and negative 2025 operating cash flow materially increase risk and reduce confidence in sustainability. Technicals are mixed (longer-term support but weak near-term momentum), and valuation appears relatively high given the volatility and lack of dividend support.

Positive Factors

Profitability Improvement

The company's return to profitability with positive net income and EBIT in 2024-2025 indicates a potential turnaround, enhancing its ability to reinvest in growth and improve financial stability.

Balance Sheet Health

The growth in equity from 2023 to 2025 strengthens the company's capital base, providing a buffer against financial volatility and supporting future investment opportunities.

Gross Margin Stability

A stable gross margin of 45-50% reflects efficient cost management and competitive pricing power, crucial for sustaining profitability in the software industry.

Negative Factors

Revenue Contraction

The significant revenue decline in 2025 poses a threat to the company's market position and long-term growth prospects, undermining investor confidence.

Negative Cash Flow

Negative operating cash flow in 2025 indicates challenges in cash generation, potentially affecting the company's ability to fund operations and growth initiatives.

Increased Debt Levels

Rising debt levels introduce financial risk, potentially limiting the company's flexibility to navigate economic downturns or invest in strategic opportunities.

Lancers, Inc. Business Overview & Revenue Model

Company Description

Lancers, Inc. provides crowdsourcing services. It engages in the freelance talent platform business. The company offers Lancers, a freelance starrent platform that matches companies who want to work with individuals and who want to receive jobs online; Lancers Pro, a service for selected freelancers; Lancers Agent, a resident IT freelance service; and Lancers Outsourcing, a service to entrust media and content production to a director. It also provides Lancers Assistant, a service that allow to outsource a range of tasks, such as secretarial, sales, public relations, and production to a team of online assistants; and Lancers Enterprise, a centralized external human resources management system for corporations. The company was founded in 2008 and is headquartered in Tokyo, Japan.

How the Company Makes Money

Lancers, Inc. generates revenue primarily through transaction fees charged to freelancers on the platform. These fees are a percentage of the total project value facilitated through their marketplace. In addition, the company offers premium subscription plans to freelancers, providing enhanced visibility and access to more job opportunities. Another source of revenue comes from corporate clients who pay for recruitment and project management services, allowing them to effectively manage and source freelance talent for their projects. Lancers also engages in strategic partnerships with other companies to expand its service offerings and reach a broader client base, further contributing to its revenue.

Lancers, Inc. Financial Statement Overview

Summary

Profitability improved with positive net income and EBIT in 2024–2025, but the turnaround quality is weakened by a severe reported 2025 revenue contraction (-57.3%) and a sharp swing to negative operating cash flow in 2025. Leverage is manageable, though debt rose from earlier zero levels, adding risk if weakness persists.

Income Statement

Profitability has improved meaningfully versus the 2022–2023 loss period, with net income turning positive in 2024 and 2025 and operating profitability (EBIT) also positive in both years. Gross margin remains solid for an application software business (~45–50%), but the profit structure is still thin (2025 net margin ~3.9% and EBIT margin ~2.6%). A key concern is growth: revenue is essentially flat in 2024 and then shows a very sharp contraction in 2025 (reported revenue growth of -57.3%), which materially raises visibility and sustainability risks despite the recent return to profitability.

Balance Sheet

Leverage looks manageable with debt-to-equity in the mid range (~0.44 in 2025 and ~0.56 in 2024), and equity has grown from 2023 to 2025, supporting a healthier capital base. Returns on equity have also rebounded strongly into positive territory in 2024–2025 (roughly 9% to 13%) after steeply negative levels in 2022–2023. The main weakness is that debt increased from zero in earlier years to a meaningful level since 2023–2025, which adds financial risk if earnings weaken or the revenue decline persists.

Cash Flow

Cash generation is inconsistent. 2024 showed strong operating cash flow and positive free cash flow, with free cash flow covering a large portion of earnings (free cash flow to net income ~0.70). However, 2025 operating cash flow turned negative, and free cash flow is reported at zero, indicating a sharp deterioration in cash conversion despite positive net income. The multi-year pattern includes several years of negative operating and free cash flow (2020, 2022, 2023), so overall cash-flow durability remains a key risk area.

Breakdown	TTM	Mar 2025	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	4.66B	4.59B	4.57B	4.81B	4.07B	3.87B
Gross Profit	2.05B	2.05B	2.20B	2.27B	2.00B	1.93B
EBITDA	258.35M	279.90M	220.23M	-114.43M	-579.59M	90.96M
Net Income	156.35M	176.88M	111.12M	-238.63M	-672.37M	37.11M
Balance Sheet
Total Assets	3.33B	3.28B	3.52B	3.07B	2.84B	3.43B
Cash, Cash Equivalents and Short-Term Investments	1.84B	1.73B	1.88B	1.30B	1.60B	2.05B
Total Debt	674.25M	592.69M	661.43M	415.06M	0.00	0.00
Total Liabilities	1.97B	1.92B	2.34B	2.12B	1.65B	1.60B
Stockholders Equity	1.36B	1.36B	1.18B	957.40M	1.19B	1.84B
Cash Flow
Free Cash Flow	0.00	0.00	221.45M	-473.66M	-480.91M	146.28M
Operating Cash Flow	0.00	-37.50M	316.50M	-324.59M	-313.24M	241.02M
Investing Cash Flow	0.00	-50.93M	-94.97M	-298.64M	-145.28M	-279.63M
Financing Cash Flow	0.00	-68.74M	353.91M	317.74M	14.88M	85.67M

Lancers, Inc. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 301.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:4484, the sentiment is Positive. The current price of 301 is below the 20-day moving average (MA) of 304.95, below the 50-day MA of 306.10, and above the 200-day MA of 273.19, indicating a bullish trend. The MACD of 2.28 indicates Negative momentum. The RSI at 58.35 is Neutral, neither overbought nor oversold. The STOCH value of 54.58 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:4484.

Lancers, Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
4477	73 Outperform	¥37.49B	20.04	―	―	27.97%	-5.25%
5033	66 Neutral	¥4.93B	13.38	―	―	7.60%	19.13%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
4448	58 Neutral	¥13.02B	60.03	―	―	14.63%	-760.87%
9215	56 Neutral	¥1.71B	36.11	―	―	6.84%	―
4484	55 Neutral	¥5.10B	26.11	―	―	4.36%	-0.02%
5027	49 Neutral	¥31.62B	33.52	―	―	20.84%	10.41%