toridori Inc. (9337) AI Stock Analysis

• Market Cap: ¥5.54B
• Dividend Yield: N/A
• Average Volume (3M): 31.91K
• Price to Earnings (P/E): 38.1
• Beta (1Y): 0.70
• Revenue Growth: 25.11%
• EPS Growth: 58.89%
• Country: JP
• Employees: 123
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): 20.30
• Shares Outstanding: 3,300,000
• 10 Day Avg. Volume: 28,560
• 30 Day Avg. Volume: 31,910
• PEG Ratio: 0.37
• Price to Book (P/B): 5.54
• Price to Sales (P/S): 1.89
• P/FCF Ratio: 27.14
• 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: 59 Neutral
• Price Target: ¥1,735.00 ▼(-43.94% Downside)
• Action: Downgraded Date: 02/18/26
• Date: Action: Downgraded 02/18/26

The score is driven primarily by improved financial performance (profitability turnaround and strong revenue growth) but is held back by higher leverage and still-developing cash-flow consistency. Technical indicators are notably weak (price below major moving averages, negative MACD, and very low RSI/Stoch), which materially reduces the overall score. Valuation is moderate based on the P/E, with no dividend data to add support.

Positive Factors

Revenue & profitability turnaround

The company scaled revenue ~9x over five years and returned to sustained profitability by 2023–2025. This durable top-line expansion and consistent profit generation improve scale economics, support reinvestment in product and sales, and lower structural execution risk over the medium term.

Exceptionally high gross margin

A ~91% gross margin indicates a highly asset-light, high-value service or platform mix that can support strong operating leverage. Sustaining this margin level gives durable cushion for SG&A investment and competitive pricing, improving long-term unit economics if maintained.

Improving free cash flow alignment

Free cash flow turned positive and now tracks nearly one-for-one with net income. That alignment reduces reliance on external funding, enables internal funding for growth or debt reduction, and signals improving earnings quality that can persist if cash conversion remains stable.

Negative Factors

Elevated leverage

Debt-to-equity >1 raises financial risk: interest and principal obligations heighten sensitivity to earnings or cash-flow dips. High leverage constrains strategic flexibility, increases refinancing risk, and could pressure margins or investment ability during cyclical slowdowns.

Low operating cash conversion

Operating cash flow at ~10% of revenue indicates limited cash conversion versus sales. That weakness makes the business more dependent on working capital or financing to fund growth and exposes it to stress if receivables or client payment patterns shift.

Prior-period volatility in profitability

Recent profitability follows multi-year loss periods, showing past execution and margin volatility. This track record implies earnings and cash-flow durability are not long-proven, leaving the company vulnerable if competitive dynamics or client demand change.

toridori Inc. Business Overview & Revenue Model

Company Description

toridori Inc. provides influencer marketing services in Japan. The company operates toridori base, a marketing platform service that enables companies to request PR posts from influencers; toridori ad, a marketing platform service that specializes various influencers to post ads from registered influencer platforms; and toridori promotion, a advertising service requesting influencers to post PR posts. It also operates toridori made, a service for the influencer to launch the own brands and sell products. The company was incorporated in 2016 and is based in Shibuya, Japan.

How the Company Makes Money

toridori’s primary monetization mechanism is providing influencer marketing services to advertisers and earning fees tied to campaign execution. Revenue is generated when client companies engage toridori to (1) source/match appropriate influencers, (2) manage campaign logistics (briefing, posting requirements, schedules, compliance checks), and (3) track and report campaign outcomes; toridori charges service fees for these activities (e.g., campaign management fees and/or platform usage fees) and may retain a margin between what advertisers pay and what is paid out to influencers for deliverables. If toridori operates a platform or managed marketplace for creator assignments, an additional revenue stream can be platform-related charges (such as subscription, listing, or transaction/handling fees) associated with facilitating those deals. Any specific breakdown of revenue by stream, named major customers/partners, take-rate, or pricing terms is not available here and is therefore null.

toridori Inc. Financial Statement Overview

Summary

Strong turnaround with sharp multi-year revenue expansion and solid profitability in the latest year (high gross margin and improved operating/net margins). Offsetting factors are higher leverage (debt-to-equity above 1) and cash-flow consistency that is still developing after several years of cash burn and relatively light operating cash flow versus revenue.

Income Statement

The company shows a strong multi-year turnaround: it moved from sizable losses in 2020–2022 to solid profitability in 2023–2025. Revenue expanded sharply (from ~¥0.6B in 2020 to ~¥5.4B in 2025) and growth re-accelerated in 2025 (11.4% vs. near-flat in 2024). Profitability is healthy for the latest annual period, with an 8.1% net margin and 13.2% operating margin, while gross margin remains exceptionally high (~91%). The main watch-outs are the prior-history volatility (loss years not far back) and the fact that margins, while improved, are not yet in “elite software” territory at the net level.

Balance Sheet

The balance sheet has improved meaningfully versus earlier periods, with equity building and returns strengthening (latest return on equity ~23.8%). However, leverage has risen alongside growth: total debt increased materially (to ~¥2.41B in 2025), and debt-to-equity is above 1.0 in 2024–2025 (about 1.31 in 2025), implying a more leveraged capital structure. While assets and equity have scaled up, the higher reliance on debt increases sensitivity to earnings or cash flow swings.

Cash Flow

Cash generation has improved from negative operating and free cash flow in 2020–2023 to positive in 2024–2025, with 2025 free cash flow of ~¥375M. Free cash flow is broadly aligned with earnings in the latest year (free cash flow is ~0.93x net income), which supports earnings quality. The key weakness is that operating cash flow remains light relative to sales (about 10% of revenue in 2025 and much lower in 2024), and the business recently had multiple years of cash burn, so consistency through cycles still needs to be proven.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	4.82B	5.37B	4.27B	3.22B	2.05B	1.06B
Gross Profit	4.41B	4.90B	3.91B	3.03B	1.88B	978.62M
EBITDA	781.10M	852.10M	524.94M	143.41M	-319.96M	-365.75M
Net Income	399.08M	437.14M	258.77M	133.70M	-565.22M	-436.18M
Balance Sheet
Total Assets	6.04B	6.77B	4.86B	3.30B	2.25B	1.19B
Cash, Cash Equivalents and Short-Term Investments	1.76B	1.96B	1.58B	1.67B	1.23B	266.14M
Total Debt	2.53B	2.41B	1.75B	983.41M	353.18M	517.46M
Total Liabilities	4.29B	4.87B	3.37B	2.11B	1.20B	1.16B
Stockholders Equity	1.68B	1.83B	1.42B	1.19B	1.06B	27.28M
Cash Flow
Free Cash Flow	0.00	374.76M	82.27M	-13.85M	-465.77M	-430.10M
Operating Cash Flow	0.00	403.71M	97.57M	-11.08M	-454.05M	-420.60M
Investing Cash Flow	0.00	-579.09M	-1.01B	-110.87M	-10.27M	-116.44M
Financing Cash Flow	0.00	555.21M	821.72M	612.05M	1.43B	96.56M

toridori Inc. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 3095.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Positive
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9337, the sentiment is Negative. The current price of 3095 is above the 20-day moving average (MA) of 1731.45, above the 50-day MA of 2598.04, and above the 200-day MA of 2605.74, indicating a bearish trend. The MACD of -263.41 indicates Negative momentum. The RSI at 28.89 is Positive, neither overbought nor oversold. The STOCH value of 56.25 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:9337.

toridori Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
4060	74 Outperform	¥6.21B	21.40	―	0.57%	21.03%	32.29%
5033	66 Neutral	¥4.86B	21.99	―	―	7.60%	19.13%
3826	64 Neutral	¥5.05B	9.17	―	2.28%	―	―
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
9337	59 Neutral	¥5.54B	38.13	―	―	25.11%	58.89%
4484	55 Neutral	¥4.97B	29.81	―	―	4.36%	-0.02%
3936	48 Neutral	¥5.05B	-29.24	―	―	33.73%	―