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

• Market Cap: ¥36.68B
• Dividend Yield: 0.83%
• Average Volume (3M): 110.13K
• Price to Earnings (P/E): 18.5
• Beta (1Y): 0.63
• 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: ¥1,439.00 ▼(-9.89% 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

Strong revenue growth

A sustained ~31-32% revenue jump year-over-year signals durable demand for Alphapolis’s content and effective monetization across print, digital and licensing channels. Over 2–6 months this underpins revenue visibility, funds reinvestment in IP development, and reduces execution risk tied to single-channel dependence.

High margins and profitability

Very high gross margins and robust EBIT/EBITDA margins reflect a scalable digital-content model with low incremental costs and profitable licensing. These structural margins support consistent cash generation, provide resilience through content cycles, and fund marketing or IP expansion without immediate margin pressure.

Strong cash conversion

Near 1:1 cash conversion indicates earnings convert efficiently into free cash flow, enabling self-funded growth, licensing investments, and flexibility for opportunistic M&A or buybacks. Over the medium term this reduces refinancing risk and supports strategic initiatives without materially increasing leverage.

Negative Factors

Underutilized cash reserves

Large idle cash balances create an opportunity-cost risk: capital not deployed into content development, strategic M&A, or higher-return projects can drag long-term ROE and shareholder returns. Over months this may pressure management to pursue lower-quality deals or be perceived as suboptimal capital allocation.

Hit-driven content risk

The business model depends structurally on discovering breakout titles and monetizing IP via licensing and media-mix. This creates inherent revenue volatility and concentration risk: absent a steady stream of successful new IP, growth and licensing income can ebb, impacting medium-term revenue predictability.

Low dividend yield / shareholder returns

A low dividend yield signals management preference to retain earnings for reinvestment rather than immediate shareholder cash returns. If reinvestments fail to generate commensurate returns, shareholder value can lag; income-focused investors may view the capital allocation policy as a structural shortcoming.

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 primarily generates revenue by publishing and selling content in multiple formats and channels. Key revenue streams include (1) sales of printed publications such as books and manga distributed through bookstores and other retail channels; (2) sales of digital publications (e-books and digital manga) distributed via major e-bookstores and online platforms, typically earning either direct sales revenue or platform-settlement revenue shares depending on the channel; and (3) licensing/rights income derived from secondary use of intellectual property, such as granting rights for adaptations, distribution, or other commercialization of its works. The company’s earnings are supported by its ability to discover and develop popular titles, monetize them in both print and digital markets, and extend successful IP through licensing and media-mix expansion. Specific partner names, contract structures, and revenue splits are null.

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	10.18B	7.56B	6.98B	7.02B	5.99B
EBITDA	3.31B	3.26B	2.30B	2.44B	2.22B	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	3.19B	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	1.07B	1.64B
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: Positive

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 1301.30, above the 50-day MA of 1433.36, and above the 200-day MA of 1499.05, indicating a bearish trend. The MACD of -32.03 indicates Negative momentum. The RSI at 39.09 is Neutral, neither overbought nor oversold. The STOCH value of 10.69 is Positive, 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	¥36.68B	18.51	―	0.83%	31.91%	27.35%
2193	62 Neutral	¥12.54B	15.07	4.78%	―	-10.17%	-19.44%
5139	62 Neutral	¥19.63B	26.23	―	―	28.90%	29.06%
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
3930	58 Neutral	¥3.13B	11.33	―	―	7.20%	47.54%
5243	54 Neutral	¥40.08B	58.36	―	―	22.37%	655.34%
7356	45 Neutral	¥2.11B	83.90	―	―	4.36%	―

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.