f-code Inc. (JP:9211)
:9211
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f-code Inc.
(9211)
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Rating:63Neutral
Price Target:
¥1,438.00
▼(-35.31% Downside)
Action:Reiterated
Date:02/18/26
The score is primarily supported by strong revenue growth, solid gross profitability, and generally good free-cash-flow conversion. It is held back by increased leverage and 2025 margin compression, alongside weak technicals with the stock trading below key moving averages.
Positive Factors
Robust revenue growth
Revenue accelerated sharply in 2025, with a 43.7% YoY increase. Sustained high top-line growth supports scale economics, broader market adoption of conversion services, and provides a durable runway to invest in product capability, sales coverage, and margin improvement.
Negative Factors
Elevated leverage
Total debt rose materially and leverage increased markedly, reducing financial flexibility. A higher debt burden raises interest and refinancing risk and amplifies the impact of any earnings volatility, increasing execution risk during growth or margin headwinds.
Read all positive and negative factors
Positive Factors
Negative Factors
Robust revenue growth
Revenue accelerated sharply in 2025, with a 43.7% YoY increase. Sustained high top-line growth supports scale economics, broader market adoption of conversion services, and provides a durable runway to invest in product capability, sales coverage, and margin improvement.
Read all positive factors
f-code Inc. (9211) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥18.23B
Dividend YieldN/A
Average Volume (3M)209.24K
Price to Earnings (P/E)10.8
Beta (1Y)1.09
Revenue Growth106.17%
EPS Growth52.35%
CountryJP
Employees149
SectorCommunication Services
Sector Strength97
IndustryAdvertising Agencies
Share Statistics
EPS (TTM)94.97
Shares Outstanding12,459,400
10 Day Avg. Volume195,350
30 Day Avg. Volume209,243
Financial Highlights & Ratios
PEG Ratio0.23
Price to Book (P/B)2.36
Price to Sales (P/S)1.49
P/FCF Ratio13.33
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)155.6
Revenue Forecast (FY)¥14.50B
f-code Inc. Business Overview & Revenue Model
Company Description
Headquartered in Tokyo, Japan, f-Code Inc. specializes in providing digital services to businesses throughout the country, focusing on customer acquisition and development. A core offering is their CODE marketing cloud, a Software-as-a-Service (Sa...
How the Company Makes Money
f-code primarily makes money by charging corporate customers for digital marketing and conversion optimization-related services and tools. Revenue is generally generated through (1) recurring fees and/or usage-based fees for software/tools that su...
f-code Inc. Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
57
Neutral
Cash Flow
64
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 8.31B | 11.94B | 5.13B | 2.48B | 1.07B | 660.57M |
| Gross Profit | 4.71B | 7.13B | 2.75B | 1.40B | 593.29M | 402.83M |
| EBITDA | 1.57B | 2.11B | 1.24B | 711.17M | 172.44M | 163.69M |
| Net Income | 1.16B | 1.45B | 905.74M | 479.70M | 69.35M | 152.31M |
Balance Sheet | ||||||
| Total Assets | 25.84B | 26.45B | 21.82B | 10.98B | 3.28B | 843.31M |
| Cash, Cash Equivalents and Short-Term Investments | 7.21B | 8.09B | 6.24B | 4.04B | 977.96M | 601.58M |
| Total Debt | 11.10B | 13.04B | 7.53B | 5.72B | 1.96B | 178.03M |
| Total Liabilities | 19.76B | 19.71B | 15.72B | 7.66B | 2.59B | 351.45M |
| Stockholders Equity | 6.74B | 7.54B | 6.73B | 3.19B | 689.63M | 491.85M |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 1.33B | 911.38M | 860.21M | 96.70M | 99.83M |
| Operating Cash Flow | 0.00 | 1.35B | 916.49M | 878.18M | 120.51M | 102.92M |
| Investing Cash Flow | 0.00 | -4.46B | -2.88B | -3.40B | -1.44B | -16.47M |
| Financing Cash Flow | 0.00 | 4.93B | 4.16B | 5.59B | 1.69B | 189.17M |
f-code Inc. Technical Analysis
Neutral
2223.00
Price Trends
1488.90
Negative
1520.07
Negative
1684.40
Negative
Market Momentum
-18.72
Negative
50.82
Neutral
73.46
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9211, the sentiment is Neutral. The current price of 2223 is above the 20-day moving average (MA) of 1463.35, above the 50-day MA of 1488.90, and above the 200-day MA of 1684.40, indicating a bearish trend. The MACD of -18.72 indicates Negative momentum. The RSI at 50.82 is Neutral, neither overbought nor oversold. The STOCH value of 73.46 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for JP:9211.
f-code Inc. Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | ¥28.44B | 10.97 | ― | 5.35% | 4.88% | -5.77% | |
74 Outperform | ¥19.52B | 16.34 | ― | 9.87% | 9.99% | 34.81% | |
63 Neutral | ¥18.23B | 10.77 | ― | ― | 106.17% | 52.35% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
60 Neutral | ¥15.72B | 6.22 | ― | 2.01% | -2.12% | -14.54% | |
50 Neutral | ¥9.48B | 6.25 | ― | ― | 4.27% | 3453.18% | |
43 Neutral | ¥27.94B | -19.14 | ― | ― | 0.46% | -1033.06% |
* Communication Services Sector Average
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f-code Inc. Corporate Events
F-code accelerates debt-fueled M&A to drive profit growth in FY2026
May 17, 2026
F-code Inc., a Tokyo Stock Exchange Growth Market company, operates in the digital solutions and technology space, offering data-driven services to support client growth. The firm is actively pursuing an MA-led expansion strategy, supported by ban...
F-code posts strong Q1 2026 earnings and maintains upbeat full-year outlook
May 17, 2026
F-code Inc. reported strong results for the three months ended March 31, 2026, with revenue climbing 61.6% year on year to ¥3.9 billion and operating profit up 38.6%. Profit attributable to owners of the parent rose 43.7% to ¥460 million...
f-code to Acquire Roombox in Push for Real Estate Marketing Vertical Roll-Up
Apr 27, 2026
f-code Inc. has agreed to acquire shares in Roombox Inc., a marketing support provider specialized in the real estate industry that runs a proprietary social media platform generating over 2,000 inquiries per month. The deal values Roombox at roug...
F-code to Acquire Real Estate Marketer Roombox as Consolidated Subsidiary
Apr 27, 2026
F-code Inc., a marketing and AI/technology specialist listed on the TSE Growth Market, is expanding its capabilities by acquiring Roombox Inc., a Tokyo-based provider of marketing and social media support services for the real estate industry. Roo...
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.