pluszero,Inc. (5132) AI Stock Analysis

• Market Cap: ¥19.87B
• Dividend Yield: N/A
• Average Volume (3M): 123.81K
• Price to Earnings (P/E): 53.6
• Beta (1Y): 1.24
• Revenue Growth: 26.91%
• EPS Growth: 135.34%
• Country: JP
• Employees: 100
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Infrastructure
• EPS (TTM): 14.84
• Shares Outstanding: 7,850,358
• 10 Day Avg. Volume: 65,580
• 30 Day Avg. Volume: 123,806
• PEG Ratio: 0.57
• Price to Book (P/B): 18.71
• Price to Sales (P/S): 18.34
• P/FCF Ratio: 65.46
• 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: 67 Neutral
• Price Target: ¥2,746.00 ▼(-7.60% Downside)

The score is primarily supported by strong financial performance (high margins, improving ROE, and a debt-free balance sheet). It is held back by weak technicals (price below key moving averages and negative MACD) and a high P/E valuation that provides limited cushion amid sharply slowing revenue growth.

Positive Factors

High Profitability Margins

Sustained high gross, EBIT and net margins indicate strong unit economics and pricing power in the infrastructure software business. Durable profitability supports reinvestment, funds R&D, and provides a structural cushion versus competition even if top-line growth moderates.

Debt-free, Conservative Balance Sheet

An effectively zero-debt balance sheet gives the company durable financial flexibility to fund growth, make strategic investments or weather downturns without refinancing risk. This structural strength lowers bankruptcy risk and supports long-term capital allocation optionality.

Improved Cash Generation

Material improvement in operating and free cash flow enhances the company’s ability to self-fund expansion, return capital, and invest in product development. Higher cash conversion in 2025 strengthens long-term financial resilience versus peers reliant on external financing.

Negative Factors

Sharply Slowing Revenue Growth

A deceleration from double-digit growth to ~4% is a structural risk: slower top-line expansion can make it harder to absorb SG&A increases, sustain high returns on new capital, and justify current scale advantages, pressuring long-term margin and ROE trends.

Historic Cash Flow Volatility

While 2025 cash conversion improved, prior years show meaningful volatility, including negative or breakeven free cash flow. That variability undermines predictability of reinvestment and dividends, raising execution risk during cyclical slowdowns or large strategic spend.

Rapid Asset & Equity Expansion Risk

Fast growth in assets and equity can dilute returns if the company cannot maintain its recent profitability on incremental capital. If revenue momentum weakens, elevated invested capital could reduce ROE and strain sustainable margin levels over the medium term.

pluszero,Inc. Business Overview & Revenue Model

Company Description

pluszero, Inc. engages in the provision, development, maintenance, operation, and sale of solutions that integrate AI, natural language processing, software, hardware, and other technologies in Japan. The company offers task-specific services, such as OCR's+ that reads and recognizes documents and drawings to automate and enhance business processes; chatbot for responding to customer's questions and applications; CRM optimization for website/app management and sales activities; check job ads; privacy preserving data mining, which enables secure utilization of personal information; and electronic voting platform solution. It also supports research activities and administrative works of universities, companies, and professional organizations; and provides consulting services. The company was incorporated in 2018 and is based in Tokyo, Japan.

How the Company Makes Money

pluszero,Inc. Financial Statement Overview

Summary

Strong operating turnaround with high current profitability (gross margin ~58.5%, EBIT margin ~33.5%, net margin ~23.7%) and an exceptionally conservative, near debt-free balance sheet with improving ROE (~24.2%). Key risk is momentum: revenue growth slowed sharply to ~4% in 2025 and cash flow has been historically volatile despite strong 2025 conversion (OCF/NI ~1.28x).

Income Statement

Revenue has scaled sharply over time (2022–2025 annual revenue rising from 726.1M to 1,546.4M), and profitability has inflected meaningfully after losses in 2020–2021. The latest year shows strong profitability with gross margin ~58.5%, EBIT margin ~33.5%, and net margin ~23.7% (up materially from ~12.6% in 2024). The main watch-out is growth deceleration: revenue growth slowed from ~43.0% (2022) and ~23.1% (2023) to ~36.3% (2024) and then a much lower pace (~4.0%) in 2025, implying tougher comps and/or a slower demand environment.

Balance Sheet

The balance sheet is exceptionally conservative: total debt is effectively zero in 2022–2025 and debt-to-equity is 0.0, which reduces financial risk and increases flexibility. Equity has expanded strongly (from 127.8M in 2021 to 1,515.8M in 2025) alongside asset growth (252.4M to 1,854.5M), and returns improved with return on equity rising to ~24.2% in 2025 (vs. ~13.6% in 2024). The key downside is that rapid asset and equity expansion can pressure future returns if growth slows further, so sustaining the higher profitability level is important.

Cash Flow

Cash generation has strengthened materially in the most recent periods: operating cash flow rose to 433.2M in 2025 (from 204.3M in 2024), and free cash flow in 2025 matches operating cash flow (433.2M), indicating strong cash conversion that year. Cash flow quality is improved with operating cash flow covering net income by ~1.28x in 2025 (up from ~0.72x in 2024). However, cash flow has been volatile historically—free cash flow was near breakeven in 2023 (0.4M) and negative in 2021—so consistency across cycles remains the main risk.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.49B	1.55B	1.22B	894.07M	726.08M	507.62M
Gross Profit	845.30M	904.57M	702.16M	534.11M	441.85M	257.46M
EBITDA	480.59M	583.02M	290.03M	178.77M	145.74M	-70.47M
Net Income	309.81M	366.55M	153.87M	120.76M	120.64M	-79.22M
Balance Sheet
Total Assets	1.68B	1.85B	1.41B	1.17B	1.02B	252.45M
Cash, Cash Equivalents and Short-Term Investments	1.12B	1.19B	901.19M	762.48M	805.62M	138.66M
Total Debt	0.00	0.00	0.00	0.00	0.00	5.01M
Total Liabilities	282.00M	338.69M	285.04M	216.57M	199.21M	124.68M
Stockholders Equity	1.40B	1.52B	1.13B	949.29M	820.27M	127.77M
Cash Flow
Free Cash Flow	0.00	433.19M	113.90M	399.00K	88.04M	-83.98M
Operating Cash Flow	0.00	433.19M	204.25M	91.22M	114.64M	-83.20M
Investing Cash Flow	0.00	-161.90M	-90.35M	-142.62M	-11.92M	-780.00K
Financing Cash Flow	0.00	21.27M	24.81M	8.27M	564.24M	-3.32M

pluszero,Inc. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2972.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:5132, the sentiment is Negative. The current price of 2972 is above the 20-day moving average (MA) of 2736.35, below the 50-day MA of 3025.88, and below the 200-day MA of 3296.01, indicating a bearish trend. The MACD of -128.27 indicates Positive momentum. The RSI at 29.10 is Positive, neither overbought nor oversold. The STOCH value of 12.75 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:5132.

pluszero,Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
3040	78 Outperform	¥36.13B	14.98	19.71%	3.09%	3.44%	79.35%
4493	78 Outperform	¥18.09B	26.25	―	0.17%	31.39%	13.12%
3741	75 Outperform	¥35.32B	25.12	―	1.74%	21.97%	15.89%
5132	67 Neutral	¥19.87B	53.58	―	―	26.91%	135.34%
3992	66 Neutral	¥22.90B	24.21	―	2.26%	5.07%	10.80%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
4434	61 Neutral	¥15.93B	-45.43	―	―	―	―