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note inc.
(5243)
note inc. (5243) vs. iShares MSCI Japan ETF (EWJ)
note inc. Business Overview & Revenue Model
note inc. Financial Statement Overview
| Breakdown | Nov 2025 | Nov 2024 | Nov 2023 | Nov 2022 | Nov 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 4.14B | 3.31B | 2.78B | 2.32B | 1.88B |
| Gross Profit | 3.88B | 3.11B | 2.57B | 2.10B | 1.64B |
| EBITDA | 277.08M | 86.15M | -398.79M | -733.26M | -418.75M |
| Net Income | 440.64M | 98.94M | -414.84M | -756.49M | -436.17M |
Balance Sheet | |||||
| Total Assets | 6.15B | 3.77B | 3.31B | 3.30B | 1.75B |
| Cash, Cash Equivalents and Short-Term Investments | 3.05B | 2.15B | 1.99B | 2.19B | 872.08M |
| Total Debt | 682.50M | 80.00M | 160.00M | 160.00M | 160.00M |
| Total Liabilities | 3.27B | 2.05B | 1.75B | 1.49B | 1.18B |
| Stockholders Equity | 2.88B | 1.72B | 1.56B | 1.82B | 574.11M |
Cash Flow | |||||
| Free Cash Flow | 393.29M | 224.37M | -358.94M | -683.10M | -652.22M |
| Operating Cash Flow | 393.29M | 225.76M | -346.58M | -660.12M | -646.87M |
| Investing Cash Flow | -747.80M | -9.77M | -12.78M | -23.45M | -5.35M |
| Financing Cash Flow | 1.24B | -38.14M | 158.93M | 2.00B | 0.00 |
note inc. Technical Analysis
note inc. Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | ¥31.64B | 14.79 | ― | 0.38% | 18.02% | 46.43% | |
62 Neutral | ¥11.80B | 15.03 | 4.78% | ― | -10.17% | -19.44% | |
62 Neutral | ¥19.44B | 22.51 | ― | ― | 28.90% | 29.06% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | ¥2.86B | 16.11 | ― | ― | 7.20% | 47.54% | |
58 Neutral | ¥7.00B | 25.00 | ― | ― | 42.83% | 26.89% | |
54 Neutral | ¥36.91B | 80.17 | ― | ― | 22.37% | 655.34% |
note inc. Corporate Events
note inc., listed on the TSE Growth market as 5243, outlined a broad presentation structure covering its company profile, business model, financial performance, and strategic policies. The document signals an intent to communicate how the firm plans to drive growth, manage risks, and develop human capital to support its long‑term expansion.
While the release is only an outline, it suggests management is focusing on clarifying its business results and growth strategy for investors. The inclusion of sections on financial policy, human capital, and risk information indicates an effort to address stakeholder concerns about sustainability, governance, and future scalability of the business.
The most recent analyst rating on (JP:5243) stock is a Hold with a Yen2143.00 price target. To see the full list of analyst forecasts on note inc. stock, see the JP:5243 Stock Forecast page.
Note inc. reported that net sales and profits for the fiscal year ended November 2025 surpassed its revised forecast, driven by steady growth in gross merchandise value from its core note platform and AI-driven operational efficiencies that kept personnel and outsourcing costs in check as revenue expanded. Management expects this momentum to carry into the fiscal year ending November 2026, forecasting a sharp acceleration in net sales growth, supported by an anticipated 500 million yen contribution from AI-related business, particularly its role in the government-backed GENIAC project to build a high-quality content database for generative AI and establish itself as a central hub for content distribution and fair creator compensation in the AI era.
The GENIAC initiative, promoted by Japan’s Ministry of Economy, Trade and Industry and NEDO, will use retrieval-augmented generation technology to feed vetted content from publishers, academic societies, and web media into AI systems, aiming to improve answer accuracy while enabling usage-based rewards for rights holders. By leveraging this project, Note inc. seeks not only new revenue streams but also strategic positioning at the intersection of media, technology, and AI infrastructure, which could strengthen its competitive edge and deepen ties with both content providers and institutional stakeholders.
The most recent analyst rating on (JP:5243) stock is a Hold with a Yen2803.00 price target. To see the full list of analyst forecasts on note inc. stock, see the JP:5243 Stock Forecast page.
note inc. has announced that its board will propose a slate of director candidates, including both executive and audit and supervisory committee members, for approval at the 14th Ordinary General Meeting of Shareholders scheduled for February 28, 2026. The proposed lineup maintains continuity at the top with the reappointment of Founder and CEO Sadaaki Kato, CFO Yukihiro Kashima, and CTO Yuichi Kon, while adding Executive Officer Kotomi Mihara—currently head of the Planning & Communications Headquarters and a director at Tales & Co. Inc.—as a new internal director, and reappointing outside directors Michiko Tanabe and Tasuku Mizuno as audit and supervisory committee members, signaling an emphasis on governance stability and strengthened strategic planning as the company advances its platform business.
The most recent analyst rating on (JP:5243) stock is a Hold with a Yen3359.00 price target. To see the full list of analyst forecasts on note inc. stock, see the JP:5243 Stock Forecast page.
note inc. has resolved to propose a substantial reduction of its stated capital, from 1,118,924,500 yen to 10,000,000 yen, by transferring 1,108,924,500 yen to other capital surplus, with no change in the total number of issued shares. The move, subject to shareholder approval at the February 28, 2026 ordinary general meeting and completion of the creditor objection process, is aimed at improving financial soundness and increasing flexibility in future capital policies, and is characterized as a balance sheet reclassification within net assets that will not affect total net assets or current business performance.
The most recent analyst rating on (JP:5243) stock is a Hold with a Yen3359.00 price target. To see the full list of analyst forecasts on note inc. stock, see the JP:5243 Stock Forecast page.
note inc. reported strong consolidated results for the fiscal year ended November 30, 2025, with net sales rising 25% year on year to ¥4,141 million and operating profit surging nearly 3.8 times to ¥256 million. Profit attributable to owners of the parent jumped to ¥440 million, lifting basic earnings per share to ¥26.83 and boosting return on equity to 19.5%. The balance sheet also expanded, with total assets increasing to ¥6,145 million and net assets to ¥2,878 million, while cash and cash equivalents at year-end climbed to ¥3,056 million, supported by positive operating cash flow and substantial financing inflows. The company maintained a no-dividend policy for FY2025 and continues to forecast zero dividends for FY2026, indicating a focus on reinvestment. For the fiscal year ending November 30, 2026, note inc. projects further robust growth, targeting a 35.2% increase in net sales to ¥5,600 million and a 173.3% rise in operating profit to ¥700 million, with profit attributable to owners of the parent expected to reach ¥850 million and earnings per share of ¥46.76, reflecting both business expansion and the impact of new share issuance through a third-party allotment.
The most recent analyst rating on (JP:5243) stock is a Buy with a Yen1951.00 price target. To see the full list of analyst forecasts on note inc. stock, see the JP:5243 Stock Forecast page.
note inc. announced that its generative AI “GENIAC” demonstration project, previously selected as a national initiative to build a RAG data ecosystem, has been formally classified as a commissioned project by the New Energy and Industrial Technology Development Organization (NEDO), meaning all approved project expenses will be treated as consideration and recorded as net sales. As a result of this revenue recognition method, the company now expects to book approximately 500 million yen in AI-related net sales in the consolidated fiscal year ending November 30, 2026, which could meaningfully bolster its AI business revenues and underscore its growing role in government-backed generative AI development in Japan.
The most recent analyst rating on (JP:5243) stock is a Buy with a Yen1951.00 price target. To see the full list of analyst forecasts on note inc. stock, see the JP:5243 Stock Forecast page.
note inc. announced it will book an extraordinary loss of 31 million yen in its non-consolidated results for the fiscal year ended November 30, 2025, due to an impairment on shares of its consolidated subsidiary Tales & Co., Ltd., calculated under accounting standards for financial instruments. Tales, which is in an upfront investment phase developing original intellectual property and preparing works for publication and media adaptation, is said to be progressing steadily, but management opted for a conservative asset valuation that triggered the impairment; the loss is limited to the parent’s non-consolidated accounts and is fully eliminated at the consolidated level, meaning there is no impact on the group’s consolidated financial results.
The most recent analyst rating on (JP:5243) stock is a Buy with a Yen1951.00 price target. To see the full list of analyst forecasts on note inc. stock, see the JP:5243 Stock Forecast page.
note inc. reported strong year-on-year growth in its non-consolidated results for the fiscal year ended November 30, 2025, with net sales rising 23.8% to 4,079 million yen and operating profit surging nearly fourfold to 264 million yen, reflecting steady expansion of its core business. Ordinary profit and net income also increased significantly, with net income jumping to 426 million yen and earnings per share more than tripling to 25.94 yen, supported not only by higher sales and improved profitability but also by the recognition of deferred tax assets, underscoring a marked improvement in earnings structure and financial performance compared with the previous year.
The most recent analyst rating on (JP:5243) stock is a Buy with a Yen1951.00 price target. To see the full list of analyst forecasts on note inc. stock, see the JP:5243 Stock Forecast page.
note inc. reported that its consolidated results for the fiscal year ended November 30, 2025 exceeded its October 2025 full-year forecasts on all profit lines, while net sales were roughly in line with expectations. Operating and ordinary profit climbed well above projections due to lower-than-anticipated selling, general and administrative expenses, particularly personnel costs, and net income attributable to owners of the parent was further boosted by the recognition of deferred tax assets, resulting in a 33.5% upside versus the original profit forecast and marking a sharp profit improvement from the prior fiscal year.
The most recent analyst rating on (JP:5243) stock is a Buy with a Yen1951.00 price target. To see the full list of analyst forecasts on note inc. stock, see the JP:5243 Stock Forecast page.
note inc. announced that, based on solid recent business performance and updated future forecasts, it has recognized additional deferred tax assets in the fourth quarter of the fiscal year ending November 2025, resulting in the booking of ¥105 million in income taxes-deferred (benefit) for that quarter and a total of ¥180 million for the full fiscal year on both a consolidated and non-consolidated basis. The company indicated that the financial impact of this recognition is already reflected in its newly released consolidated financial results and related disclosures for the fiscal year, signaling improved earnings metrics and potentially reinforcing investor confidence in its medium-term business outlook and tax asset recoverability.
The most recent analyst rating on (JP:5243) stock is a Buy with a Yen1951.00 price target. To see the full list of analyst forecasts on note inc. stock, see the JP:5243 Stock Forecast page.
Note inc. has released the results of a large-scale statistical analysis of around 300,000 paid articles and membership records on its “note” platform, showing that the creator economy on the service continues to expand, with the top 1,000 creators averaging annual sales of about 15.15 million yen. The data highlight strong year-on-year growth in 2025, with membership sales up 81.3% and paid article sales up 26.8%, driven particularly by rapidly growing categories that offer practical, problem-solving know-how—such as AI utilization, social media management and childcare—which also command nearly double the average unit price of general reading content. The study further finds almost no correlation between word count and sales, underscoring that content quality and user experience rather than length are key to profitability, while the company maintains its existing earnings forecast and signals that more detailed progress will be disclosed in its upcoming financial results.
The most recent analyst rating on (JP:5243) stock is a Buy with a Yen1951.00 price target. To see the full list of analyst forecasts on note inc. stock, see the JP:5243 Stock Forecast page.
note inc. has finalized the previously undecided terms for issuing paid stock acquisition rights as stock options to its directors and an executive officer, following a December 17, 2025 board resolution. A total of 1,060 stock acquisition rights, corresponding to 106,000 shares of common stock, will be allotted to six individuals, aligning management and key employees more closely with shareholder interests and signaling the company’s continued use of equity-based compensation to retain and incentivize leadership within the competitive digital content and media market.
The most recent analyst rating on (JP:5243) stock is a Buy with a Yen1951.00 price target. To see the full list of analyst forecasts on note inc. stock, see the JP:5243 Stock Forecast page.
note inc. has finalized the terms for issuing stock acquisition rights as stock options to its employees, following a board resolution passed on December 17, 2025. The company will grant 870 stock acquisition rights in total to nine employees, with an exercise price set at 148,000 yen per right, equivalent to 1,480 yen per share. This stock option program is intended to align employee incentives with shareholder interests and may support talent retention and long-term growth by tying compensation more closely to the company’s future equity value.
The most recent analyst rating on (JP:5243) stock is a Buy with a Yen1951.00 price target. To see the full list of analyst forecasts on note inc. stock, see the JP:5243 Stock Forecast page.
note inc. has been selected for GENIAC, a national generative AI promotion program run by Japan’s Ministry of Economy, Trade and Industry and NEDO, and will build a Retrieval-Augmented Generation (RAG) database of high-quality content from publishers, academic bodies and web media to improve the accuracy of AI-generated information. The project, backed by a budget of up to ¥1.5 billion over one year, aims to create a new “RAG data ecosystem” that lets rights holders track how AI services use their content and receive fair compensation, a move the company expects will enhance its medium- to long-term corporate value and reshape the economics of content distribution in the AI era.
The most recent analyst rating on (JP:5243) stock is a Buy with a Yen1951.00 price target. To see the full list of analyst forecasts on note inc. stock, see the JP:5243 Stock Forecast page.
note inc. has announced the issuance of paid stock options to enhance the motivation and alignment of its directors and employees with shareholder interests. The stock options are designed to boost business performance and corporate value, with exercise prices adjusted based on performance targets related to net sales. The issuance is expected to have a reasonable impact on share dilution and contribute positively to shareholder value.
The most recent analyst rating on (JP:5243) stock is a Buy with a Yen1951.00 price target. To see the full list of analyst forecasts on note inc. stock, see the JP:5243 Stock Forecast page.
note inc. has announced the issuance of stock acquisition rights as stock options to its employees. This initiative aims to enhance employee awareness of share price appreciation and improve mid-to-long-term business performance, thereby increasing shareholder value. The stock options will be issued without requiring monetary payment, serving as incentive compensation. The exercise period for these rights spans from December 18, 2027, to December 17, 2035, with specific conditions and potential adjustments outlined for their execution.
The most recent analyst rating on (JP:5243) stock is a Buy with a Yen1951.00 price target. To see the full list of analyst forecasts on note inc. stock, see the JP:5243 Stock Forecast page.