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f-code Inc.
(9211)
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Rating:68Neutral
Price Target:
¥1,608.00
▲(19.02% Upside)
Action:Reiterated
Date:08/06/26
The score is driven primarily by solid financial performance (strong growth and good cash conversion) and an attractive valuation (low P/E). These positives are tempered by increased balance-sheet leverage and 2025 margin compression, alongside mixed technicals (negative MACD and still below the 200-day average).
Positive Factors
Accelerating Revenue Growth
A 43.7% revenue acceleration in 2025 indicates meaningful demand and scalable sales execution. Durable top-line expansion can fund reinvestment, absorb fixed costs, and support market share gains over the next several quarters if execution and customer retention remain stable.
Negative Factors
Elevated Leverage
Material rise in leverage to a ~1.76 debt/equity ratio reduces financial flexibility and raises interest and refinancing risk. If margins slip or cash flow weakens, heightened debt levels amplify execution risk and constrain strategic options over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Accelerating Revenue Growth
A 43.7% revenue acceleration in 2025 indicates meaningful demand and scalable sales execution. Durable top-line expansion can fund reinvestment, absorb fixed costs, and support market share gains over the next several quarters if execution and customer retention remain stable.
Read all positive factors
f-code Inc. (9211) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥16.85B
Dividend YieldN/A
Average Volume (3M)209.24K
Price to Earnings (P/E)10.4
Beta (1Y)1.17
Revenue Growth106.17%
EPS Growth52.35%
CountryJP
Employees489
SectorCommunication Services
Sector Strength97
IndustryAdvertising Agencies
Share Statistics
EPS (TTM)129.99
Shares Outstanding12,479,400
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
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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 | 13.43B | 11.94B | 5.13B | 2.48B | 1.07B | 660.57M |
| Gross Profit | 7.73B | 7.13B | 2.75B | 1.40B | 593.29M | 402.83M |
| EBITDA | 2.30B | 2.11B | 1.24B | 711.17M | 172.44M | 163.69M |
| Net Income | 1.59B | 1.45B | 905.74M | 479.70M | 69.35M | 152.31M |
Balance Sheet | ||||||
| Total Assets | 31.66B | 26.45B | 21.82B | 10.98B | 3.28B | 843.31M |
| Cash, Cash Equivalents and Short-Term Investments | 8.35B | 8.09B | 6.24B | 4.04B | 977.96M | 601.58M |
| Total Debt | 13.79B | 13.04B | 7.53B | 5.72B | 1.96B | 178.03M |
| Total Liabilities | 23.95B | 19.71B | 15.72B | 7.66B | 2.59B | 351.45M |
| Stockholders Equity | 7.99B | 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. Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | ¥27.86B | 10.85 | ― | 5.35% | 4.88% | -5.77% | |
74 Outperform | ¥20.02B | 16.52 | ― | 9.87% | 5.72% | 30.74% | |
68 Neutral | ¥16.85B | 10.39 | ― | ― | 106.17% | 52.35% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
60 Neutral | ¥17.69B | 7.12 | ― | 2.01% | -2.12% | -14.54% | |
43 Neutral | ¥25.40B | -17.52 | ― | ― | 0.46% | -1033.06% | |
43 Neutral | ¥9.67B | 6.41 | ― | ― | 4.27% | 3453.18% |
* 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...
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.