Bizmates,Inc. (9345) AI Stock Analysis

• Market Cap: ¥2.17B
• Dividend Yield: 1.92%
• Average Volume (3M): 8.71K
• Price to Earnings (P/E): 11.0
• Beta (1Y): 0.54
• Revenue Growth: 4.25%
• EPS Growth: -6.45%
• Country: JP
• Employees: 182
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Education & Training Services
• EPS (TTM): 18.67
• Shares Outstanding: 3,248,104
• 10 Day Avg. Volume: 2,480
• 30 Day Avg. Volume: 8,706
• PEG Ratio: -0.21
• Price to Book (P/B): 1.24
• Price to Sales (P/S): 0.68
• P/FCF Ratio: 11.50
• 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): 61.6
• Revenue Forecast (FY): ¥3.70B

• Rating: 63 Neutral
• Price Target: ¥725.00 ▼(-0.68% Downside)
• Action: Downgraded Date: 02/18/26
• Date: Action: Downgraded 02/18/26

The score is supported primarily by solid financial quality (high gross margins and low leverage) and reasonable valuation (low P/E with a ~2.2% yield). It is held back by weak technicals, with the stock trading below key moving averages and negative momentum indicators, alongside a recent slowdown in growth and some margin and cash-conversion volatility.

Positive Factors

High gross margins

Sustained gross margins near the mid-70s indicate a structurally profitable unit economics for online lesson delivery. High gross margins create durable cash flow potential, support reinvestment in platform and instructors, and provide cushion against demand volatility as the business scales.

Conservative balance sheet

Very low leverage and a stronger equity base reduce financial risk and give management flexibility to invest in product, marketing, or M&A. A conservative balance sheet improves resilience through cyclical slowdowns and supports sustained operations without pressure from debt servicing.

Recurring B2B subscription model

A subscription-heavy, corporate-focused revenue mix creates predictable, contract-driven cash flows and higher retention potential. The online per-seat delivery model scales efficiently, enabling margin expansion over time if corporate seat penetration and utilization rise.

Negative Factors

Revenue growth slowdown

A stall and slight decline in revenue in 2025 signals loss of momentum and could reflect market saturation, competitive pressure, or weaker client acquisition. Prolonged revenue stagnation undermines operating leverage and limits the firm's ability to expand margins and returns over the medium term.

Margin compression

Compression in operating and net margins despite high gross margins suggests rising operating costs or weaker pricing power. Persistent margin erosion reduces free cash available for reinvestment or shareholder returns and increases sensitivity of profits to future revenue pressures.

Volatile cash conversion

Inconsistent conversion of earnings to cash implies working-capital timing, collection, or seasonality issues. This volatility complicates capital allocation, increases dependence on the balance sheet for shortfalls, and raises execution risk when funding growth or smoothing payouts over time.

Bizmates,Inc. Business Overview & Revenue Model

Company Description

Bizmates, Inc. provides language and talent solutions in Japan. The company offers Bizmates, an online business English conversation solution; and Zipan, an online Japanese business solution. It also operates G Talent, a job change agent for foreign IT engineers; and GitTap, a recruitment matching site for foreign IT engineers. The company was founded in 2012 and is headquartered in Tokyo, Japan.

How the Company Makes Money

Bizmates generates revenue primarily through subscription-based models, where clients pay for access to its training programs and resources. The company offers various tiered plans that include different levels of service, such as individual coaching sessions, group workshops, and enterprise solutions for organizations. Additionally, Bizmates may earn revenue from partnerships with corporations seeking specialized training for their employees, as well as from licensing its training materials to educational institutions. The company also benefits from referrals and repeat business as clients who experience improved communication skills often return for advanced training or recommend the service to others.

Bizmates,Inc. Financial Statement Overview

Summary

Fundamentals are solid overall: strong historical revenue scaling and consistently high gross margins support profitability, and the balance sheet is conservatively levered (very low debt-to-equity). Offsetting this, 2025 showed stalled/slightly negative revenue growth, margin compression versus 2024, and uneven cash conversion despite positive free cash flow.

Income Statement

Revenue scaled strongly from 2020–2024, but growth stalled in 2025 (slightly negative). Profitability remains a clear strength with consistently high gross margins (~73%–76%), though operating and net margins have compressed in 2025 versus 2024 (net margin down from ~6.6% to ~5.6%), indicating higher costs and/or weaker pricing leverage. Overall: solid, high-margin model with a near-term growth and margin slowdown to watch.

Balance Sheet

The balance sheet is conservatively positioned with low leverage: debt-to-equity remains very modest in recent years (around ~0.05 in 2025) and equity has grown materially versus earlier periods. Returns on equity are healthy (about ~10% in 2025, higher in prior years), suggesting the company is still generating decent profits on a much larger capital base. Main watch-out: ROE has trended down from earlier peak levels as the company matured, but financial risk from debt looks limited.

Cash Flow

Cash generation is positive, with both operating cash flow and free cash flow positive in each shown year. However, conversion has been uneven: free cash flow was unusually weak in 2024 versus earnings, then rebounded strongly in 2025 (free cash flow close to net income). Operating cash flow relative to net income is also moderate and inconsistent year to year, implying working-capital timing or cash conversion volatility. Overall: healthy but not yet consistently predictable cash conversion.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	3.54B	3.49B	3.47B	3.14B	2.84B	2.45B
Gross Profit	2.71B	2.65B	2.64B	2.35B	2.12B	1.81B
EBITDA	436.50M	411.28M	495.00M	389.33M	361.61M	299.27M
Net Income	212.00M	197.14M	229.00M	199.39M	225.87M	184.50M
Balance Sheet
Total Assets	2.60B	2.68B	2.70B	2.06B	1.34B	1.19B
Cash, Cash Equivalents and Short-Term Investments	1.62B	1.67B	1.63B	1.45B	875.89M	795.65M
Total Debt	115.28M	90.00M	143.00M	36.67M	99.72M	222.51M
Total Liabilities	826.51M	766.93M	942.00M	549.63M	638.90M	723.41M
Stockholders Equity	1.77B	1.91B	1.76B	1.51B	699.20M	467.54M
Cash Flow
Free Cash Flow	0.00	205.72M	65.32M	130.47M	196.81M	248.43M
Operating Cash Flow	0.00	224.63M	430.92M	253.67M	286.67M	316.54M
Investing Cash Flow	0.00	-97.40M	-365.00M	-202.00M	-89.86M	-69.28M
Financing Cash Flow	0.00	-93.67M	114.41M	519.93M	-122.79M	41.25M

Bizmates,Inc. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 730.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9345, the sentiment is Negative. The current price of 730 is above the 20-day moving average (MA) of 692.70, above the 50-day MA of 719.96, and below the 200-day MA of 946.80, indicating a bearish trend. The MACD of -15.23 indicates Positive momentum. The RSI at 36.61 is Neutral, neither overbought nor oversold. The STOCH value of 53.06 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:9345.

Bizmates,Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
9256	76 Outperform	¥3.00B	12.84	―	2.00%	9.34%	-3.26%
9562	74 Outperform	¥3.49B	53.72	―	2.00%	25.16%	127.57%
5575	67 Neutral	¥3.22B	11.77	―	―	25.00%	13.82%
9345	63 Neutral	¥2.17B	10.99	―	1.92%	4.25%	-6.45%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
9339	60 Neutral	¥2.96B	29.79	―	1.33%	-7.47%	378.86%
6096	55 Neutral	¥2.92B	40.34	―	1.68%	-4.16%	―