ProjectHoldings.Inc. (9246) AI Stock Analysis

• Market Cap: ¥6.04B
• Dividend Yield: N/A
• Average Volume (3M): 2.30K
• Price to Earnings (P/E): 46.5
• Beta (1Y): 0.99
• Revenue Growth: -1.71%
• EPS Growth: -303.36%
• Country: JP
• Employees: 255
• Sector: Industrials
• Sector Strength: 72
• Industry: Consulting Services
• EPS (TTM): N/A
• Shares Outstanding: 5,487,450
• 10 Day Avg. Volume: 3,370
• 30 Day Avg. Volume: 2,303
• PEG Ratio: -0.36
• Price to Book (P/B): 2.65
• Price to Sales (P/S): 1.09
• P/FCF Ratio: 11.17
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 54 Neutral
• Price Target: ¥1,128.00 ▼(-7.62% Downside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is primarily supported by improving financial performance in 2025 (profit and cash-flow recovery and reduced leverage). Offsetting this, technicals are bearish with the stock trading below major moving averages and negative MACD, and valuation looks stretched with a high P/E and no dividend yield provided.

Positive Factors

Improved cash generation

The 2025 recovery to positive operating cash flow (~¥570M) and free cash flow (~¥536M) materially improves internal funding capacity. Durable cash generation reduces reliance on external financing, enables capex or strategic investments, and supports deleveraging if the trend persists.

Leverage reduction and stronger capital structure

A meaningful reduction in total debt to ~¥1.23B from ~¥2.23B materially lowers interest burden and financial risk. A healthier capital structure increases flexibility for growth investments, M&A, and cushioning against downturns if management maintains disciplined leverage targets.

Diversified business model

Operating across technology, real estate and renewable energy provides multiple, complementary revenue streams. Stable rental income from real estate and recurring management fees can offset cyclicality in tech investments, improving resilience and smoothing cash flow over the medium term.

Negative Factors

Volatile financial performance

Sharp swings in revenue, profitability and cash flow across recent years reduce forecast reliability and complicate capital allocation. Persistent volatility can raise effective cost of capital, hamper long-term planning, and weaken stakeholder confidence unless management delivers consistent multi-quarter improvement.

Uneven revenue and margin stability

A sharp revenue decline in 2024 followed by a modest rebound in 2025 signals demand and execution inconsistency. Such swings historically produced margin volatility, making sustained profitability less certain and constraining the firm’s ability to plan for multi-year investments or reliably expand operating margins.

Balance-sheet contraction and prior leverage

Falling total assets since 2023 alongside a history of higher leverage indicate the company has shrunk its balance-sheet footprint. Reduced asset base and prior high debt episodes can limit collateral for borrowing, constrain growth capacity, and increase vulnerability if cash generation weakens again.

ProjectHoldings.Inc. Business Overview & Revenue Model

Company Description

ProjectHoldings, Inc. engages in the provision of digital transformation services in Japan. The company provides consulting services for new business launch and development, existing business transformation, and business improvement through digital transformation. It also provides marketing services through operational support for SNS such as Twitter and Instagram, website improvement, and marketing consulting services, as well as UI/UX services. In addition, the company is involved in the provision of technology services that support system development, operation and maintenance, and software testing; and human resources solutions that support in human resources and labor, such as considering and implementing measures to reduce employee turnover rates. Further, it operates digireka! HR, an online media platform for corporate managers and human resources personnel. The company was formerly known as ProjectCompany, Inc. and changed its name to ProjectHoldings, Inc. in December 2023. The company was incorporated in 2016 and is headquartered in Minato, Japan.

How the Company Makes Money

ProjectHoldings.Inc. generates revenue through a combination of strategic investments and management fees. The company earns income by acquiring equity stakes in promising technology startups, which may provide high returns as these companies grow and succeed. Additionally, ProjectHoldings generates revenue from its real estate operations, including rental income from properties it owns and manages. The renewable energy sector contributes to revenue through the sale of energy solutions and potential government incentives for sustainable projects. Partnerships with other firms and collaborations in joint ventures also play a crucial role in enhancing revenue streams, allowing the company to tap into new markets and innovative business models.

ProjectHoldings.Inc. Financial Statement Overview

Summary

2025 shows a clear rebound: revenue returned to growth (+4.7% YoY), EBIT and net income turned positive after 2024 losses, operating cash flow (~¥570M) and free cash flow (~¥536M) recovered strongly, and debt fell to ~¥1.23B from ~¥2.23B. The key constraint is volatility—sharp swings in revenue, profitability, and cash flow from 2023–2025 reduce confidence in durability versus steadier peers.

Income Statement

Revenue rebounded in 2025 (+4.7% YoY) after a sharp decline in 2024 (-16.0% YoY), indicating uneven demand and execution. Profitability also recovered: 2025 returned to positive operating profit (EBIT) and net income after a sizable loss in 2024. However, the swing from strong profitability in 2021–2023 to losses in 2024, then back to modest profits in 2025, signals margin volatility and a less stable earnings profile than top-tier peers.

Balance Sheet

Leverage improved meaningfully in 2025 with total debt dropping to ~¥1.23B from ~¥2.23B in 2024, while equity remained stable (~¥2.26B), strengthening the capital structure versus the prior year. That said, the company previously ran with much higher debt levels (2023–2024) compared with earlier years (2021–2022), and total assets have trended down since 2023, suggesting some balance-sheet contraction. Overall, the balance sheet is healthier than last year but not yet consistently conservative across the cycle.

Cash Flow

Cash generation strengthened in 2025 with solid operating cash flow (~¥570M) and free cash flow (~¥536M), a major improvement from 2024’s negative operating and free cash flow. Historically (2020–2023), free cash flow was generally positive and closely tracked earnings, supporting quality of profits. The key weakness is the sharp 2024 cash burn, which highlights working-capital or project timing risk; 2025’s recovery is encouraging but needs to prove durable.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	5.24B	5.49B	5.28B	6.28B	4.35B	2.14B
Gross Profit	1.75B	1.98B	1.76B	2.41B	1.84B	1.01B
EBITDA	83.64M	290.77M	46.00M	1.02B	1.01B	523.88M
Net Income	-317.28M	126.64M	-393.00M	587.85M	676.81M	359.74M
Balance Sheet
Total Assets	4.96B	4.63B	5.54B	5.71B	4.29B	2.78B
Cash, Cash Equivalents and Short-Term Investments	2.27B	2.10B	2.62B	2.77B	2.22B	2.25B
Total Debt	1.86B	1.23B	2.23B	2.24B	668.42M	280.07M
Total Liabilities	2.82B	2.37B	3.30B	3.06B	1.48B	696.37M
Stockholders Equity	2.14B	2.26B	2.24B	2.65B	2.81B	2.09B
Cash Flow
Free Cash Flow	0.00	536.30M	-732.07M	427.11M	756.92M	402.43M
Operating Cash Flow	0.00	569.54M	-131.97M	452.53M	782.66M	427.35M
Investing Cash Flow	0.00	35.73M	6.04M	-706.68M	-1.22B	-25.22M
Financing Cash Flow	0.00	-1.13B	-21.83M	730.53M	407.81M	1.14B

ProjectHoldings.Inc. Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 1221.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9246, the sentiment is Neutral. The current price of 1221 is above the 20-day moving average (MA) of 1138.30, above the 50-day MA of 1160.30, and below the 200-day MA of 1239.54, indicating a neutral trend. The MACD of -15.59 indicates Negative momentum. The RSI at 49.20 is Neutral, neither overbought nor oversold. The STOCH value of 54.46 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for JP:9246.

ProjectHoldings.Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
4490	71 Outperform	¥4.87B	6.21	―	―	0.36%	―
7034	71 Outperform	¥4.91B	23.82	―	―	283.85%	-35.61%
7039	70 Outperform	¥7.11B	12.65	―	2.94%	8.00%	3.22%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
9246	54 Neutral	¥6.04B	46.53	―	―	-1.71%	-303.36%
6560	52 Neutral	¥7.70B	10.89	―	1.34%	5.97%	-5.60%

ProjectHoldings.Inc. Corporate Events

ProjectHoldings Returns to Profit and Forecasts Strong Growth for 2026

ProjectHoldings, Inc. reported a turnaround to profitability for the fiscal year ended December 31, 2025, with net sales rising 3.9% year on year to ¥5,485 million and profit attributable to owners of parent improving to ¥126 million from a ¥393 million loss. Profitability metrics strengthened, as return on equity recovered to 5.6%, the operating profit margin reached 2.8%, and the equity ratio climbed to 48.6% despite a reduction in total assets and an outflow from financing activities.

Cash flow from operating activities swung to an inflow of ¥569 million and cash and cash equivalents at year-end totaled ¥2,095 million, underscoring improved operational efficiency. The company maintained its stance of not paying dividends for 2025 and forecasts further growth in 2026, projecting net sales of ¥6,600 million and a sharp increase in profit attributable to owners of parent to ¥340 million, which would more than double earnings per share and support a stronger financial profile.

The most recent analyst rating on (JP:9246) stock is a Hold with a Yen1110.00 price target. To see the full list of analyst forecasts on ProjectHoldings.Inc. stock, see the JP:9246 Stock Forecast page.