Alphapolis Co., Ltd. (9467) AI Stock Analysis

• Market Cap: ¥38.94B
• Dividend Yield: 0.83%
• Average Volume (3M): 110.13K
• Price to Earnings (P/E): 18.5
• Beta (1Y): 0.59
• Revenue Growth: 31.91%
• EPS Growth: 27.35%
• Country: JP
• Employees: 123
• Sector: Communication Services
• Sector Strength: 97
• Industry: Internet Content & Information
• EPS (TTM): 22.13
• Shares Outstanding: 29,062,200
• 10 Day Avg. Volume: 113,250
• 30 Day Avg. Volume: 110,126
• PEG Ratio: 0.46
• Price to Book (P/B): 3.01
• Price to Sales (P/S): 3.03
• P/FCF Ratio: 20.72
• 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): 84.85
• Revenue Forecast (FY): ¥17.32B

• Rating: 78 Outperform
• Price Target: ¥1,528.00 ▼(-4.32% Downside)
• Action: Reiterated Date: 11/22/25
• Date: Action: Reiterated 11/22/25

Alphapolis Co., Ltd. has a strong financial performance, characterized by robust revenue growth and profitability, which significantly contributes to the overall score. The technical analysis shows a positive trend, although some indicators suggest caution. The valuation is reasonable, with a moderate P/E ratio and low dividend yield. The absence of earnings call data and corporate events does not impact the score.

Positive Factors

Revenue Growth

Sustained ~31.8% year-over-year revenue growth reflects persistent demand for the company’s content and effective monetization across channels. Over 2-6 months this underpins expanding market penetration and a larger title library that supports recurring sales, licensing and higher bargaining power with partners.

High Profitability

Very high gross margins and strong EBIT/EBITDA margins indicate scalable economics from digital publishing and low incremental production costs. These durable margins support reinvestment into IP, cover content development volatility, and generate cushion against cyclical downturns in physical sales.

Balance Sheet & Cash Conversion

Extremely low leverage and a high equity ratio combined with operating and free cash flow near net income demonstrate excellent financial flexibility. Over the medium term this enables organic growth, selective M&A or IP investment without jeopardizing liquidity or requiring external financing.

Negative Factors

Underutilized Cash

Large cash reserves on the balance sheet may signal conservative capital allocation. If not deployed into content development, marketing, or strategic acquisitions, the company risks lower long-term growth and returns versus peers that invest cash to scale IP portfolios and global licensing.

Hit-driven IP Risk

Business outcomes rely on discovering and commercializing breakout titles. This hit-driven model creates structural revenue concentration and variability: a few successful IPs drive licensing and media-mix upside while many releases underperform, making forward revenue visibility inherently uncertain.

Platform Revenue-share Exposure

Material reliance on third-party e-bookstores and platforms exposes long-term margins to changes in platform settlement terms and commission structures. Platforms’ bargaining power can compress digital economics and complicate revenue predictability absent stronger direct-distribution or proprietary channel scale.

Alphapolis Co., Ltd. Business Overview & Revenue Model

Company Description

AlphaPolis Co., Ltd. engages in Internet site management and books publishing businesses in Japan. The company publishes light novels, cartoons, and paperbacks, as well as other books comprising general novels and translation publications of overseas books. It also operates Alphapolis, a platform for viewing content, such as novels. AlphaPolis Co., Ltd. was founded in 2000 and is based in Tokyo, Japan.

How the Company Makes Money

Alphapolis generates revenue through multiple streams, primarily from the sale of its published materials, including books and manga, both in physical and digital formats. The company benefits from a significant presence in the e-book market, leveraging digital sales to reach a broader audience. Additionally, Alphapolis earns income from its web novel platform, where authors can publish their works and earn royalties based on readership, creating a community-driven revenue model. Strategic partnerships with various online retailers and platforms further enhance its distribution capabilities, contributing to overall sales. Advertising and promotional activities related to its publications also provide supplementary income, allowing the company to diversify its revenue sources.

Alphapolis Co., Ltd. Financial Statement Overview

Summary

Alphapolis Co., Ltd. exhibits a robust financial performance with strong revenue growth, high profitability, excellent equity position, and effective cash flow management. The company's low leverage and high equity ratio suggest financial stability. While the substantial cash reserves provide a safety net, strategic reinvestment could further enhance growth prospects.

Income Statement

Alphapolis Co., Ltd. has shown strong revenue growth over the years, with a significant increase of 31.85% from 2024 to 2025. The company maintains a high gross profit margin of 74.94% and a net profit margin of 14.83% for 2025. The EBIT and EBITDA margins are also robust at 23.66% and 24.01% respectively. These indicators highlight efficient operations and strong profitability, making the income statement a key strength for the company.

Balance Sheet

The balance sheet of Alphapolis Co., Ltd. reflects a solid financial position, with a low debt-to-equity ratio of 0.01, indicating minimal leverage. The company has a high equity ratio of 81.15%, showcasing financial stability. The return on equity for 2025 is commendable at 14.73%. However, the significant cash reserves could indicate underutilized capital that might otherwise be invested for growth.

Cash Flow

Alphapolis Co., Ltd. demonstrates strong cash flow management with a substantial increase in free cash flow between 2024 and 2025. The operating cash flow to net income ratio for 2025 is 0.99, and the free cash flow to net income ratio is 0.98, indicating efficient cash conversion. Despite positive trends, the company should continue monitoring capital expenditures to sustain free cash flow levels.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	14.13B	13.62B	10.33B	9.29B	9.09B	7.77B
Gross Profit	10.59B	10.21B	7.58B	7.00B	7.04B	6.02B
EBITDA	3.31B	3.27B	2.26B	2.44B	2.23B	2.19B
Net Income	2.05B	2.02B	1.40B	1.51B	1.39B	1.33B
Balance Sheet
Total Assets	16.27B	16.89B	13.95B	12.44B	10.50B	9.48B
Cash, Cash Equivalents and Short-Term Investments	11.28B	11.57B	9.71B	8.77B	7.10B	6.09B
Total Debt	68.38M	78.35M	49.98M	66.69M	42.25M	63.62M
Total Liabilities	2.49B	3.18B	2.26B	2.15B	1.72B	2.00B
Stockholders Equity	13.78B	13.71B	11.69B	10.29B	8.78B	7.48B
Cash Flow
Free Cash Flow	0.00	1.99B	1.18B	1.61B	1.04B	1.62B
Operating Cash Flow	0.00	1.99B	1.25B	1.62B	1.07B	1.64B
Investing Cash Flow	0.00	-162.73M	-286.51M	25.85M	-37.86M	-74.93M
Financing Cash Flow	0.00	28.22M	-25.96M	24.44M	-21.61M	-21.67M

Alphapolis Co., Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1597.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9467, the sentiment is Negative. The current price of 1597 is above the 20-day moving average (MA) of 1324.30, above the 50-day MA of 1482.14, and above the 200-day MA of 1507.95, indicating a neutral trend. The MACD of -49.43 indicates Negative momentum. The RSI at 46.37 is Neutral, neither overbought nor oversold. The STOCH value of 89.04 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:9467.

Alphapolis Co., Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
9467	78 Outperform	¥38.94B	18.51	―	0.83%	31.91%	27.35%
3922	77 Outperform	¥30.91B	12.43	―	0.38%	18.02%	46.43%
3662	70 Outperform	¥17.71B	17.51	―	1.85%	0.63%	-1.84%
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
5243	54 Neutral	¥37.64B	58.36	―	―	22.37%	655.34%
3815	49 Neutral	¥4.73B	-12.53	―	―	-6.92%	-86.77%

Alphapolis Co., Ltd. Corporate Events

Alphapolis Posts Solid First Consolidated Results and Lifts Dividend Forecast

AlphaPolis reported consolidated net sales of ¥12.29 billion and profit attributable to owners of parent of ¥1.67 billion for the nine months ended December 31, 2025, in its first period of consolidated reporting under Japanese GAAP. The company maintained a solid financial position with total assets of ¥19.26 billion, net assets of ¥14.97 billion, and an equity-to-asset ratio of 77.7%, alongside basic earnings per share of ¥57.56.

For the full year ending March 31, 2026, Alphapolis forecasts net sales of ¥17.1 billion and profit attributable to owners of parent of ¥2.33 billion, implying further earnings growth and EPS of ¥80.18. The company also plans to increase its annual dividend to ¥24 per share from ¥14 in the prior year, signaling confidence in its earnings outlook and shareholder returns, while integrating newly consolidated subsidiary WHITE FOX Inc. into its group structure.

The most recent analyst rating on (JP:9467) stock is a Buy with a Yen1798.00 price target. To see the full list of analyst forecasts on Alphapolis Co., Ltd. stock, see the JP:9467 Stock Forecast page.