note inc. (JP:5243)
:5243
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note inc.
(5243)
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Rating:70Outperform
Price Target:
¥3,046.00
▲(86.64% Upside)
Action:UpgradedDate:04/17/26
Score is driven primarily by the improving financial trajectory (turnaround to profitability with strong margins) and supportive price trend (trading above key moving averages with constructive momentum). These positives are partially offset by expensive valuation (high P/E) and some remaining execution risks (developing operating margins, uneven free-cash-flow consistency, and higher debt versus the prior year).
Positive Factors
Exceptional Gross Margins
Sustainably very high gross margins indicate a highly scalable, low-variable-cost content/information model with strong unit economics. This provides durable operating leverage: modest revenue gains disproportionately boost EBIT, supporting reinvestment or margin expansion over the next several quarters.
Negative Factors
Rising Debt
A clear increase in total debt in 2025 reduces balance-sheet optionality and increases financial leverage risk. Even with a modest debt-to-equity ratio (~0.24), the upward debt trend can constrain capital allocation, raise interest costs, and limit flexibility if cash generation slows or investment needs rise.
Read all positive and negative factors
Positive Factors
Negative Factors
Exceptional Gross Margins
Sustainably very high gross margins indicate a highly scalable, low-variable-cost content/information model with strong unit economics. This provides durable operating leverage: modest revenue gains disproportionately boost EBIT, supporting reinvestment or margin expansion over the next several quarters.
Read all positive factors
note inc. (5243) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥48.35B
Dividend YieldN/A
Average Volume (3M)379.15K
Price to Earnings (P/E)34.7
Beta (1Y)1.00
Revenue Growth27.05%
EPS Growth495.56%
CountryJP
Employees151
SectorTechnology
Sector Strength88
IndustryInternet Content & Information
Share Statistics
EPS (TTM)15.98
Shares Outstanding19,317,800
10 Day Avg. Volume278,790
30 Day Avg. Volume379,153
Financial Highlights & Ratios
PEG Ratio0.18
Price to Book (P/B)8.93
Price to Sales (P/S)6.21
P/FCF Ratio65.39
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)25.2
Revenue Forecast (FY)¥4.90B
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...
note inc. Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
69
Positive
| 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
Positive
1632.00
Price Trends
2398.56
Positive
2155.57
Positive
1762.56
Positive
Market Momentum
109.20
Negative
51.82
Neutral
16.83
Positive
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 2561.30, below the 50-day MA of 2398.56, and below the 200-day MA of 1762.56, indicating a bullish trend. The MACD of 109.20 indicates Negative momentum. The RSI at 51.82 is Neutral, neither overbought nor oversold. The STOCH value of 16.83 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:5243.
note inc. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | ¥29.06B | 13.49 | ― | 0.38% | 19.28% | 113.67% | |
72 Outperform | ¥2.84B | 11.33 | ― | ― | -0.59% | -30.84% | |
70 Outperform | ¥48.35B | 34.67 | ― | ― | 27.05% | 495.56% | |
63 Neutral | ¥9.91B | 15.07 | 4.78% | ― | -9.19% | -36.53% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | ¥19.20B | 249.93 | ― | ― | 31.39% | 12.88% | |
55 Neutral | ¥6.52B | 19.41 | ― | ― | 13.61% | 19.71% |
* Technology Sector Average
JP:5243
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note inc. Corporate Events
Note Inc. Issues New Stock Options to Align Subsidiaries With Long-Term Growth
Apr 16, 2026
Note inc. has approved the issuance of its 19th series stock acquisition rights as stock options to directors and employees of its subsidiaries, aiming to strengthen incentives tied to stock price appreciation and long-term business performance. T...
Note inc. Delivers Profit Surge in Q1 and Confirms Strong FY2026 Outlook
Apr 14, 2026
Note inc. reported strong growth for the first quarter of the fiscal year ending November 2026, with net sales rising 27.3% year on year to ¥1,218 million and a sharp improvement in profitability. Adjusted EBITDA surged to ¥255 million a...
note inc. Sets Q1 FY2026 Results and Deepens Ties with KADOKAWA
Apr 14, 2026
note inc. reported its financial results for the first quarter of the fiscal year ending November 2026 and outlined its unchanged full-year earnings forecast, signaling confidence in its current business trajectory. The company also announced a ca...
Note Inc. Completes ¥2.2 Billion Third-Party Share Allotment to KADOKAWA
Apr 9, 2026
Note Inc. has completed payment for a third-party allotment of 1,000,000 new shares to KADOKAWA CORPORATION, raising ¥2.212 billion at an issue price of ¥2,212 per share as part of their previously announced capital and business alliance...
note inc. and KADOKAWA Forge AI-Driven Alliance for Japanese Content Ecosystem
Mar 24, 2026
Note inc. has entered a capital and business alliance with KADOKAWA CORPORATION to jointly build a new ecosystem for Japanese content creation. The partnership aims to respond to rapid digitalization and the rise of generative AI by combining note...
Note Inc. Forms Strategic Capital Alliance With KADOKAWA to Power Next-Generation Creator Platform
Mar 24, 2026
Note inc. has entered a capital and business alliance with entertainment conglomerate KADOKAWA CORPORATION and will issue 1,000,000 new shares to KADOKAWA via third-party allotment, raising about ¥2.2 billion. The two companies aim to formali...
note inc. Outlines Business Plan and Growth Strategy Framework
Feb 27, 2026
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 pla...
Note inc. Beats FY2025 Forecasts and Bets on AI to Accelerate Growth
Feb 9, 2026
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 p...
note inc. Proposes New Board Lineup, Adding Planning Chief as Director
Jan 22, 2026
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, ...
note inc. Plans Major Capital Reduction to Boost Financial Flexibility
Jan 22, 2026
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, s...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.