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GMO Internet
(9449)
GMO Internet (9449) vs. iShares MSCI Japan ETF (EWJ)
GMO Internet Business Overview & Revenue Model
GMO Internet Earnings Call Summary
GMO Internet Financial Statement Overview
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 283.48B | 285.63B | 277.41B | 258.64B | 245.70B | 241.45B |
| Gross Profit | 169.17B | 167.29B | 166.14B | 153.13B | 149.89B | 128.82B |
| EBITDA | 68.81B | 73.93B | 62.83B | 55.74B | 72.25B | 50.61B |
| Net Income | 16.37B | 16.10B | 13.37B | 14.19B | 13.21B | 17.53B |
Balance Sheet | ||||||
| Total Assets | 2.10T | 2.27T | 2.15T | 1.76T | 1.54T | 1.42T |
| Cash, Cash Equivalents and Short-Term Investments | 865.53B | 928.81B | 975.72B | 905.44B | 353.69B | 248.59B |
| Total Debt | 539.78B | 602.27B | 554.87B | 473.57B | 391.16B | 294.66B |
| Total Liabilities | 1.90T | 2.06T | 1.96T | 1.58T | 1.39T | 1.28T |
| Stockholders Equity | 86.54B | 101.76B | 86.40B | 82.60B | 72.22B | 73.60B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 90.31B | 58.62B | -7.53B | 15.24B | -32.28B |
| Operating Cash Flow | 0.00 | 97.42B | 84.73B | 14.91B | 25.64B | -23.78B |
| Investing Cash Flow | 0.00 | -9.85B | -71.50B | -16.36B | -2.83B | -51.77B |
| Financing Cash Flow | 0.00 | 41.65B | 60.78B | 64.97B | 62.44B | 89.89B |
GMO Internet Technical Analysis
GMO Internet Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | ¥19.32B | 12.60 | ― | 3.53% | 5.03% | -9.55% | |
76 Outperform | ¥10.07T | 15.13 | 13.75% | 2.85% | 3.34% | 20.36% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
60 Neutral | ¥401.91B | 17.99 | 15.67% | 1.31% | 12.48% | 18.38% | |
60 Neutral | ¥10.13T | 18.01 | ― | 3.99% | 7.79% | 5.53% | |
56 Neutral | ¥306.52B | 19.02 | 17.97% | 1.36% | 4.75% | 17.02% | |
56 Neutral | ¥12.98T | 11.76 | 10.59% | 3.36% | 2.10% | -9.29% |
GMO Internet Corporate Events
GMO Internet Group has proposed a slate of nine directors for approval at its March 19, 2026 annual shareholders’ meeting, maintaining three independent external directors so that they account for at least one-third of the board. The move underscores the group’s commitment to governance standards while preserving continuity in top management, with Founder and Group CEO Masatoshi Kumagai and other key executives set to retain their current roles.
The company is also strengthening its audit and oversight framework by appointing certified public accountant Junko Kotakemori as a new independent director and Audit and Supervisory Committee member, bringing extensive experience in accounting, auditing, and corporate governance. She will replace independent director and audit committee member Keigo Ogura, who is slated to retire at the end of the upcoming shareholders’ meeting, marking a controlled transition in the board’s independent oversight lineup.
The most recent analyst rating on (JP:9449) stock is a Hold with a Yen4339.00 price target. To see the full list of analyst forecasts on GMO Internet stock, see the JP:9449 Stock Forecast page.
GMO Internet Group plans to amend its Articles of Incorporation to formally expand its corporate purpose beyond traditional internet infrastructure into artificial intelligence, robotics, and cybersecurity. The move reflects management’s view that recent technological advances and shifting business conditions require a broader mandate to support AI-driven services and advisory work on cyber defense.
The company will also add provisions enabling entry into insurance and small-amount, short-term insurance businesses, giving it greater flexibility in future business development and management options. These changes, subject to approval at the annual general shareholders’ meeting on March 19, 2026, are designed to diversify revenue streams and strengthen the group’s positioning in next-generation digital and risk-related services.
The most recent analyst rating on (JP:9449) stock is a Hold with a Yen4339.00 price target. To see the full list of analyst forecasts on GMO Internet stock, see the JP:9449 Stock Forecast page.
GMO Internet Group’s cybersecurity subsidiary, GMO Cybersecurity by Ierae, has begun preparing for a Tokyo Stock Exchange listing to bolster funding capacity, brand recognition, and social credibility, while remaining a consolidated unit of the parent group. The move aims to support expansion of its white-hat-hacker-driven services, such as automated security assessment tools, to meet rising cyber risks spanning web systems, IoT devices, automotive systems, and physical facilities.
The planned listing is positioned as a core pillar of GMO Internet Group’s “Internet Security for Everyone by GMO” strategy and its broader push into AI and robotics, with management expecting improved access to talent and stronger governance through market scrutiny. It also exemplifies the group’s “Swing-by IPO” model, under which subsidiaries scale using shared resources and the unified GMO brand before going public, a key element in enhancing group-wide corporate value and returns to minority shareholders, though timing and market segment for the listing remain undecided.
The most recent analyst rating on (JP:9449) stock is a Hold with a Yen4339.00 price target. To see the full list of analyst forecasts on GMO Internet stock, see the JP:9449 Stock Forecast page.
GMO Internet Group’s subsidiary GMO Internet, Inc., which operates the group’s internet infrastructure and GPU cloud services, has signed a memorandum of understanding with autonomous driving startup Turing Inc. to deepen collaboration in the GPU cloud sector. The move builds on GMO’s existing provision of its GMO GPU Cloud service to Turing and its prior participation in Turing’s Series A funding as part of a broader push into the Physical AI field.
Under the MOU, GMO Internet will supply Turing with a large-scale AI computing infrastructure over four years using NVIDIA’s latest H200 and B300 GPUs, delivering about 0.37 exaflops of theoretical performance to support development of fully autonomous driving AI. GMO Internet also plans to invest 3.2 billion yen in Turing, reinforcing a strategic partnership that could strengthen GMO’s positioning in high-performance AI infrastructure, while management expects only a minor short-term impact on consolidated earnings for 2026.
The most recent analyst rating on (JP:9449) stock is a Hold with a Yen4339.00 price target. To see the full list of analyst forecasts on GMO Internet stock, see the JP:9449 Stock Forecast page.
GMO Internet Group, Inc. has decided to voluntarily adopt International Financial Reporting Standards for its consolidated financial statements starting with the Annual Securities Report for the fiscal year ending December 31, 2025. The move from Japanese GAAP to IFRS is intended to enhance the international comparability and transparency of the group’s financial information for global investors and stakeholders.
Under the planned disclosure schedule, GMO will continue to issue year-end consolidated financial results and consolidated financial statements for the 2025 fiscal year under Japanese GAAP, while the Annual Securities Report will be prepared under IFRS. The company also plans to later release its consolidated financial results for the same fiscal year under IFRS, signaling a phased transition that aligns reporting practices with international standards and may support its global growth ambitions.
The most recent analyst rating on (JP:9449) stock is a Hold with a Yen4339.00 price target. To see the full list of analyst forecasts on GMO Internet stock, see the JP:9449 Stock Forecast page.
GMO Internet Group reported a sharp year-on-year decline in non-consolidated net sales for the fiscal year ended December 31, 2025, falling 55.4% to ¥29.6 billion, while operating profit surged more than sixfold to ¥18.0 billion and net profit jumped 214.6% to ¥26.2 billion. The change reflects the company’s transition to a pure holding company structure, as internet infrastructure and online advertising and media operations were transferred to a subsidiary, reshaping revenue toward dividend income and boosting profitability, further supported by extraordinary gains from a partial sale of shares in consolidated unit GMO Internet, Inc.
The most recent analyst rating on (JP:9449) stock is a Hold with a Yen4339.00 price target. To see the full list of analyst forecasts on GMO Internet stock, see the JP:9449 Stock Forecast page.
GMO Internet Group has completed a previously authorized share buyback and will cancel 924,559 treasury shares, representing 0.85% of its outstanding stock, on March 18, 2026, as part of a long-running capital policy. The company’s cumulative treasury share acquisitions will reach about 19.95 million shares and cumulative cancellations about 10.45 million shares, moving it past the halfway mark toward its long-term goal of retiring shares issued during a 2006–2007 capital increase following withdrawal from the loan credit business.
In tandem, the board approved a new share repurchase program of up to 1.1 million shares, or 1.10% of outstanding shares, with a budget of JPY 2.74 billion to be executed via open-market purchases on the Tokyo Stock Exchange from February 13, 2026, through February 10, 2027. The program aligns with the group’s policy of returning 50% of net income to shareholders, with at least 33% via dividends and the remainder via buybacks, aiming to enhance capital efficiency, support corporate value, and provide continued returns to shareholders.
The most recent analyst rating on (JP:9449) stock is a Hold with a Yen4339.00 price target. To see the full list of analyst forecasts on GMO Internet stock, see the JP:9449 Stock Forecast page.
GMO Internet Group’s board has approved a Q4 FY2025 dividend of ¥8.10 per share, with a total payout of ¥811 million sourced from retained earnings and an effective date of March 5, 2026. This brings the fiscal 2025 annual dividend to ¥52.00 per share, up from ¥41.80 in the previous year, underscoring the company’s rising profit base and strengthened shareholder returns.
The dividend reflects GMO Internet’s policy of returning 50% of profits to shareholders, targeting at least a 33% payout ratio while using the remaining portion for share buybacks depending on business performance, financial condition, and share price. By maintaining a quarterly dividend system and signaling that future payouts will follow its Total Shareholder Returns Policy, the company reinforces a stable, flexible capital allocation framework that benefits existing and prospective investors.
The most recent analyst rating on (JP:9449) stock is a Hold with a Yen4339.00 price target. To see the full list of analyst forecasts on GMO Internet stock, see the JP:9449 Stock Forecast page.
GMO Internet Group reported a 3.0% rise in consolidated net sales to ¥285.6 billion for fiscal 2025, with operating profit up 22.5% and profit attributable to owners of the parent climbing 20.4%. Profitability improved across key metrics, including operating margin and return on equity, while total assets expanded to ¥2.27 trillion and shareholders’ equity ratio edged up to 4.5%, signaling a stronger balance sheet.
The company increased its annual dividend to ¥52 per share while maintaining a 33% payout ratio, underscoring a continued focus on shareholder returns. However, given the high sensitivity of its internet finance, cryptoassets and incubation businesses to market conditions, GMO withheld earnings and dividend forecasts for 2026, opting instead to provide monthly operating indicators via its financial subsidiary to guide investors amid heightened uncertainty.
The most recent analyst rating on (JP:9449) stock is a Hold with a Yen4339.00 price target. To see the full list of analyst forecasts on GMO Internet stock, see the JP:9449 Stock Forecast page.
GMO Internet Group announced that its consolidated subsidiary GMO Coin, Inc., a cryptoasset exchange and financial instruments business launched in 2016, has begun preparations for a stock listing on the Tokyo Stock Exchange. GMO Coin has grown into a leading domestic cryptoasset trading platform by emphasizing robust security, expanding its lineup of tradable cryptoassets, strengthening API services, and entering the IEO market, and the planned listing is intended to bolster its fundraising capacity, brand recognition, social credibility, and ability to attract talent amid rapid changes in Japan’s digital asset regulatory and competitive landscape. The company views GMO Coin’s listing as a key element of its broader “Swing-by IPO” strategy of nurturing and listing group companies to enhance group-wide competitiveness and corporate value, while confirming that GMO Coin will remain a consolidated subsidiary and that timing and listing details remain undecided pending regulatory review.
The most recent analyst rating on (JP:9449) stock is a Hold with a Yen4339.00 price target. To see the full list of analyst forecasts on GMO Internet stock, see the JP:9449 Stock Forecast page.
GMO Internet Group has completed a share repurchase program authorized under Japan’s Companies Act, buying back 1,260,700 common shares on the Tokyo Stock Exchange between January 1 and February 2, 2026, at a total cost of approximately ¥5.0 billion. Under a long-term shareholder return policy launched in 2015, the company aims to acquire and cancel about 38.35 million shares issued during a past capital increase linked to its withdrawal from the loan credit business; to date it has acquired about 19.95 million shares and cancelled roughly 9.53 million, with the latest program—now fully executed at nearly the ¥10.0 billion cap and 2,535,400 shares since November 2025—highlighting an ongoing commitment to capital efficiency and shareholder returns that could support earnings per share and strengthen its equity story in the market.
The most recent analyst rating on (JP:9449) stock is a Hold with a Yen4339.00 price target. To see the full list of analyst forecasts on GMO Internet stock, see the JP:9449 Stock Forecast page.
GMO Internet Group, Inc. has disclosed the latest status of its ongoing share repurchase program, conducted under a Board-approved resolution based on Article 459-1 of the Japanese Companies Act and its articles of incorporation. In December 2025, the company bought back 932,600 of its common shares on the open market of the Tokyo Stock Exchange for approximately JPY 3.63 billion, as part of a long-term plan to acquire and cancel roughly 38.35 million shares linked to capital raised during its exit from the loan credit business in 2006–2007. Under the broader buyback framework approved on November 25, 2025, which authorizes repurchases of up to 4.2 million shares or JPY 10 billion through February 12, 2026, the company had cumulatively repurchased 1,274,700 shares for about JPY 4.999 billion by December 31, 2025. The continued execution of this buyback and cancellation strategy underscores GMO Internet Group’s commitment to shareholder returns and capital efficiency, and may support its share price and earnings per share while signaling confidence in its long-term prospects.
The most recent analyst rating on (JP:9449) stock is a Hold with a Yen4339.00 price target. To see the full list of analyst forecasts on GMO Internet stock, see the JP:9449 Stock Forecast page.
GMO Internet Group has announced that its consolidated subsidiary GMO Financial Holdings will delay the planned surrender of the securities business license of its Thai unit, GMO-Z com Securities (Thailand), which operates a securities business in Thailand. The Thai subsidiary had previously decided to terminate margin trading in December 2024 and cease all operations by the end of 2025 after sustained losses linked to large allowances for doubtful accounts caused by significant declines in the stock prices of securities used as collateral. As of the end of September 2025, receivables of about JPY 7.5 billion remain under repayment agreements, covered by stock collateral valued at roughly JPY 11.3 billion, giving strong collateral coverage but still exposing the business to the risk of delayed payments or further price declines. To enable prompt and efficient disposal of collateral stocks if needed and maximize debt recovery, the company will keep the Thai subsidiary’s securities license in place and has pushed back the planned business discontinuation and license surrender to December 31, 2026, while maintaining its policy to ultimately dissolve and liquidate the unit; the impact on consolidated results for the year ending December 2025 is expected to be minimal.
The most recent analyst rating on (JP:9449) stock is a Hold with a Yen4339.00 price target. To see the full list of analyst forecasts on GMO Internet stock, see the JP:9449 Stock Forecast page.
GMO Internet Group has successfully completed its tender offer for shares of Prime Strategy Co., Ltd., acquiring 2,214,899 shares and bringing its ownership stake to 60%, with settlement set for December 26, 2025. The completion of the tender offer gives GMO Internet Group a controlling interest in Prime Strategy, reinforcing its expansion strategy in the internet and technology sector, while the company confirms that its post-acquisition policies remain unchanged from those previously disclosed.
The most recent analyst rating on (JP:9449) stock is a Hold with a Yen4339.00 price target. To see the full list of analyst forecasts on GMO Internet stock, see the JP:9449 Stock Forecast page.
GMO Internet Group, Inc. announced the repurchase of 342,100 of its own shares for approximately JPY 1.37 billion as part of a long-term share buyback plan. This move is part of a broader strategy to enhance shareholder returns, with a total of up to 4.2 million shares authorized for repurchase, reflecting 4.14% of outstanding shares, at a cost of up to JPY 10 billion.
The most recent analyst rating on (JP:9449) stock is a Hold with a Yen4339.00 price target. To see the full list of analyst forecasts on GMO Internet stock, see the JP:9449 Stock Forecast page.
GMO Internet Group, Inc. has announced a plan to acquire up to JPY 10 billion worth of its own treasury shares as part of its revised Total Shareholder Returns Policy. This move aims to enhance capital efficiency and expand corporate value, with the acquisition period set from November 26, 2025, to February 12, 2026, through open market purchases on the Tokyo Stock Exchange.
The most recent analyst rating on (JP:9449) stock is a Hold with a Yen3576.00 price target. To see the full list of analyst forecasts on GMO Internet stock, see the JP:9449 Stock Forecast page.
GMO Internet Group, Inc. has announced its decision to acquire shares of Prime Strategy Co., Ltd. through a tender offer, aiming to make it a consolidated subsidiary. This move is part of a capital and business alliance agreement, expected to create synergies between Prime Strategy’s high-performance platform ‘KUSANAGI’ and GMO’s internet services, enhancing their market position without delisting Prime Strategy from the Tokyo Stock Exchange.
The most recent analyst rating on (JP:9449) stock is a Hold with a Yen3576.00 price target. To see the full list of analyst forecasts on GMO Internet stock, see the JP:9449 Stock Forecast page.