note inc. (5243) AI Stock Analysis

• Market Cap: ¥49.37B
• Dividend Yield: N/A
• Average Volume (3M): 379.15K
• Price to Earnings (P/E): 58.4
• Beta (1Y): 0.98
• Revenue Growth: 22.37%
• EPS Growth: 655.34%
• Country: JP
• Employees: 151
• Sector: Technology
• Sector Strength: 88
• Industry: Internet Content & Information
• EPS (TTM): 13.81
• Shares Outstanding: 18,317,800
• 10 Day Avg. Volume: 278,790
• 30 Day Avg. Volume: 379,153
• PEG Ratio: 0.18
• Price to Book (P/B): 8.93
• Price to Sales (P/S): 6.21
• P/FCF Ratio: 65.39
• 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): 25.2
• Revenue Forecast (FY): ¥4.90B

• Rating: 63 Neutral
• Price Target: ¥2,912.00 ▲(78.43% Upside)
• Action: Reiterated Date: 03/24/26
• Date: Action: Reiterated 03/24/26

The score is primarily driven by improved financial performance from a multi-year profitability and cash-flow turnaround, tempered by still-developing operating margins and higher leverage versus last year. Technicals are neutral with some near-term weakness, and the high P/E meaningfully detracts from the overall score.

Positive Factors

Exceptional gross margins

Sustained gross margins near 93–94% indicate structural product or content economics with low incremental cost. This provides durable cash generation potential as revenue scales, supports investment in growth or margin improvement, and creates a buffer versus operating cost variability.

Negative Factors

Modest operating margins

High gross margins but only modest operating margins suggest meaningful operating costs (sales, marketing, G&A) that could limit ultimate profitability. If cost discipline weakens or growth investments rise, sustaining net margins could be challenging over the medium term.

note inc. Business Overview & Revenue Model

Company Description

note inc. engages in the media platform business in Japan. The company offers note, a C2C content platform that allows creators to create, publish, and sell digital content while communicating with users; and note pro, an information dissemination...

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note inc. engages in the media platform business in Japan. The company offers note, a C2C content platform that allows creators to create, publish, and sell digital content while communicating with users; and note pro, an information dissemination...

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	2.56B	2.08B	1.63B
EBITDA	262.99M	62.15M	-367.42M	-712.51M	-442.58M
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	3.06B	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	0.00	-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

• Technical Analysis Sentiment: Positive
• Last Price: 1632.00
• 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:5243, the sentiment is Positive. The current price of 1632 is below the 20-day moving average (MA) of 2429.35, below the 50-day MA of 2377.20, and below the 200-day MA of 1720.04, indicating a bullish trend. The MACD of 86.62 indicates Negative momentum. The RSI at 62.43 is Neutral, neither overbought nor oversold. The STOCH value of 75.60 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:5243.

note inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
3922	71 Outperform	¥30.02B	12.43	―	0.38%	18.02%	46.43%
5243	63 Neutral	¥49.37B	58.36	―	―	22.37%	655.34%
2193	63 Neutral	¥9.69B	15.07	4.78%	―	-10.17%	-19.44%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
5139	61 Neutral	¥20.29B	26.23	―	―	28.90%	29.06%
3930	58 Neutral	¥3.17B	11.33	―	―	7.20%	47.54%
4176	55 Neutral	¥6.88B	27.11	―	―	42.83%	26.89%

note inc. Corporate Events