f-code Inc. (JP:9211)
:9211
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f-code Inc.
(9211)
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Rating:63Neutral
Price Target:
¥1,619.00
▼(-27.17% Downside)
Action:ReiteratedDate: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
Revenue Growth Acceleration
A 43.7% revenue acceleration in 2025 signals durable demand expansion or successful client wins and service scaling. Sustained top-line momentum deepens client relationships and funds reinvestment in capabilities, supporting structural market share gains if management sustains execution.
Negative Factors
Elevated Leverage
Debt-to-equity rising to ~1.76 materially increases financial risk and interest obligations. A debt-heavy capital structure reduces flexibility for strategic investment, heightens sensitivity to cyclical ad revenue swings, and raises refinancing and execution risk if margins weaken or cash flow softens.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth Acceleration
A 43.7% revenue acceleration in 2025 signals durable demand expansion or successful client wins and service scaling. Sustained top-line momentum deepens client relationships and funds reinvestment in capabilities, supporting structural market share gains if management sustains execution.
Read all positive factors
f-code Inc. (9211) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥18.55B
Dividend YieldN/A
Average Volume (3M)209.24K
Price to Earnings (P/E)12.2
Beta (1Y)1.31
Revenue Growth162.74%
EPS Growth55.34%
CountryJP
Employees149
SectorCommunication Services
Sector Strength97
IndustryAdvertising Agencies
Share Statistics
EPS (TTM)34.06
Shares Outstanding12,409,400
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)159.8
Revenue Forecast (FY)¥14.10B
f-code Inc. Business Overview & Revenue Model
Company Description
f-Code Inc. provides digital customer acquisition and development support services in Japan. Its product portfolio includes CODE marketing cloud, a CX improvement SaaS product. The company also provides DX strategy design/implementation support an...
How the Company Makes Money
f-code Inc. generates revenue primarily through its software development services and product sales. The company operates on a project-based revenue model, where clients pay for custom software solutions tailored to their specific needs. Additiona...
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 | 26.74B | 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 | 19.97B | 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
Negative
2223.00
Price Trends
1558.62
Negative
1569.56
Negative
1913.14
Negative
Market Momentum
-15.77
Positive
46.86
Neutral
29.80
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9211, the sentiment is Negative. The current price of 2223 is above the 20-day moving average (MA) of 1532.30, above the 50-day MA of 1558.62, and above the 200-day MA of 1913.14, indicating a bearish trend. The MACD of -15.77 indicates Positive momentum. The RSI at 46.86 is Neutral, neither overbought nor oversold. The STOCH value of 29.80 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 | ¥28.67B | 3.66 | ― | 5.35% | 58.08% | 29.89% | |
71 Outperform | ¥20.72B | 16.52 | ― | 9.87% | 11.51% | -29.82% | |
66 Neutral | ¥18.64B | 8.10 | ― | 2.01% | 15.43% | 12.47% | |
63 Neutral | ¥18.55B | 12.24 | ― | ― | 162.74% | 55.34% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
50 Neutral | ¥12.51B | 2.40 | ― | ― | -2.68% | 91.68% | |
43 Neutral | ¥31.25B | -21.27 | ― | ― | 4.53% | -464.41% |
* Communication Services Sector Average
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f-code Inc. Corporate Events
F-code Targets Aggressive Profit Growth on Strong FY2025 Results and Debt-Fueled M&A Strategy
Feb 20, 2026
F-code Inc. reported strong financial results for the fiscal year ending December 31, 2025, with net sales of ¥11.93 billion, roughly 2.3 times the previous year, and operating profit of ¥2.34 billion, about 1.8 times year on year. The c...
F-code Doubles Revenue and Lifts Profits as Cash Position Strengthens
Feb 20, 2026
F-code Inc. reported a sharp expansion in scale for the year ended December 31, 2025, with revenue surging 132.7% year on year to ¥11.94 billion and operating income rising 76.4% to ¥2.34 billion. Net income attributable to owners of the...
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.