View Past Performancef-code バランスシートの健全性財務の健全性 基準チェック /36f-codeの総株主資本は¥7.7B 、総負債は¥13.5Bで、負債比率は174.4%となります。総資産と総負債はそれぞれ¥31.7Bと¥23.9Bです。 f-codeの EBIT は¥2.6Bで、利息カバレッジ比率10.7です。現金および短期投資は¥8.4Bです。主要情報174.36%負債資本比率JP¥13.45b負債インタレスト・カバレッジ・レシオ10.7x現金JP¥8.35bエクイティJP¥7.71b負債合計JP¥23.95b総資産JP¥31.66b財務の健全性に関する最新情報分析記事 • Nov 18Is f-code (TSE:9211) A Risky Investment?Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it might be obvious that you need to...すべての更新を表示Recent updatesBuy Or Sell Opportunity • 19hNow 25% overvaluedOver the last 90 days, the stock has fallen 6.3% to JP¥1,394. The fair value is estimated to be JP¥1,113, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 106% over the last year. Earnings per share has grown by 50%. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 24% per annum over the same time period.New Risk • Jun 26New minor risk - Market cap sizeThe company's market capitalization is less than US$100m. Market cap: JP¥15.9b (US$98.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (8.7% operating cash flow to total debt). Minor Risk Market cap is less than US$100m (JP¥15.9b market cap, or US$98.3m).お知らせ • Jun 17f-code Inc. to Report Q2, 2026 Results on Aug 14, 2026f-code Inc. announced that they will report Q2, 2026 results on Aug 14, 2026Buy Or Sell Opportunity • Jun 17Now 28% overvaluedOver the last 90 days, the stock has fallen 5.4% to JP¥1,456. The fair value is estimated to be JP¥1,140, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 106% over the last year. Earnings per share has grown by 49%. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 24% per annum over the same time period.Reported Earnings • May 20First quarter 2026 earnings released: EPS: JP¥37.68 (vs JP¥26.35 in 1Q 2025)First quarter 2026 results: EPS: JP¥37.68 (up from JP¥26.35 in 1Q 2025). Revenue: JP¥3.90b (up 62% from 1Q 2025). Net income: JP¥460.0m (up 42% from 1Q 2025). Profit margin: 12% (down from 13% in 1Q 2025). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the IT industry in Japan.Buy Or Sell Opportunity • May 05Now 21% overvaluedOver the last 90 days, the stock has fallen 7.0% to JP¥1,491. The fair value is estimated to be JP¥1,233, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 133% over the last year. Earnings per share has grown by 52%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are also forecast to grow by 24% per annum over the same time period.分析記事 • Apr 06We Like f-code's (TSE:9211) Earnings For More Than Just Statutory Profitf-code Inc.'s ( TSE:9211 ) solid earnings announcement recently didn't do much to the stock price. We did some analysis...New Risk • Apr 04New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 53% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (9.2% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (8.1% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (12% net profit margin).Reported Earnings • Apr 04Full year 2025 earnings: EPS and revenues exceed analyst expectationsFull year 2025 results: EPS: JP¥118 (up from JP¥77.88 in FY 2024). Revenue: JP¥11.9b (up 133% from FY 2024). Net income: JP¥1.45b (up 60% from FY 2024). Profit margin: 12% (down from 18% in FY 2024). Revenue exceeded analyst estimates by 3.8%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the IT industry in Japan.Valuation Update With 7 Day Price Move • Mar 11Investor sentiment improves as stock rises 19%After last week's 19% share price gain to JP¥1,629, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 16x in the IT industry in Japan. Total returns to shareholders of 64% over the past three years.分析記事 • Feb 17Do f-code's (TSE:9211) Earnings Warrant Your Attention?Investors are often guided by the idea of discovering 'the next big thing', even if that means buying 'story stocks...お知らせ • Feb 16f-code Inc., Annual General Meeting, Mar 27, 2026f-code Inc., Annual General Meeting, Mar 27, 2026.Reported Earnings • Feb 16Full year 2025 earnings: EPS and revenues exceed analyst expectationsFull year 2025 results: EPS: JP¥119 (up from JP¥77.88 in FY 2024). Revenue: JP¥11.9b (up 133% from FY 2024). Net income: JP¥1.45b (up 60% from FY 2024). Profit margin: 12% (down from 18% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.8%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the IT industry in Japan.お知らせ • Feb 11f-code Inc. (TSE:9211) agreed to acquire 75% stake in AI ONE Co., Ltd from Kazumasa Moriya for ¥1.2 billion.f-code Inc. (TSE:9211) agreed to acquire 75% stake in AI ONE Co., Ltd from Kazumasa Moriya for ¥1.2 billion on February 10, 2026. A cash consideration of ¥1.2 billion will be paid by f-code Inc. As part of consideration, ¥1.2 billion is paid towards common equity of AI ONE Co., Ltd. The expected completion of the transaction is February 24, 2026.お知らせ • Dec 03f-code Inc. to Report Fiscal Year 2025 Results on Feb 13, 2026f-code Inc. announced that they will report fiscal year 2025 results on Feb 13, 2026分析記事 • Nov 18Is f-code (TSE:9211) A Risky Investment?Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it might be obvious that you need to...Reported Earnings • Nov 18Third quarter 2025 earnings released: EPS: JP¥31.87 (vs JP¥18.25 in 3Q 2024)Third quarter 2025 results: EPS: JP¥31.87 (up from JP¥18.25 in 3Q 2024). Revenue: JP¥3.19b (up 207% from 3Q 2024). Net income: JP¥389.0m (up 76% from 3Q 2024). Profit margin: 12% (down from 21% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the IT industry in Japan.New Risk • Nov 17New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Japanese stocks, typically moving 8.4% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (8.4% average weekly change).Valuation Update With 7 Day Price Move • Nov 17Investor sentiment deteriorates as stock falls 17%After last week's 17% share price decline to JP¥1,642, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 19x in the IT industry in Japan. Total returns to shareholders of 34% over the past three years.Board Change • Nov 05Less than half of directors are independentFollowing the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Outside Director Genta Imamura was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.分析記事 • Sep 14Here's Why We Think f-code (TSE:9211) Is Well Worth WatchingThe excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even...Valuation Update With 7 Day Price Move • Sep 03Investor sentiment deteriorates as stock falls 15%After last week's 15% share price decline to JP¥2,120, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 19x in the IT industry in Japan. Total returns to shareholders of 136% over the past three years.お知らせ • Sep 02f-code Inc. to Report Q3, 2025 Results on Nov 14, 2025f-code Inc. announced that they will report Q3, 2025 results on Nov 14, 2025分析記事 • Aug 24We Like f-code's (TSE:9211) Earnings For More Than Just Statutory Profitf-code Inc. ( TSE:9211 ) announced a healthy earnings result recently, and the market rewarded it with a strong uplift...Reported Earnings • Aug 16Second quarter 2025 earnings released: EPS: JP¥26.28 (vs JP¥15.16 in 2Q 2024)Second quarter 2025 results: EPS: JP¥26.28 (up from JP¥15.16 in 2Q 2024). Revenue: JP¥2.80b (up 179% from 2Q 2024). Net income: JP¥321.4m (up 83% from 2Q 2024). Profit margin: 12% (down from 18% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the IT industry in Japan.お知らせ • Jun 25f-code Inc. to Report Q2, 2025 Results on Aug 14, 2025f-code Inc. announced that they will report Q2, 2025 results on Aug 14, 2025New Risk • May 20New major risk - Financial positionThe company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 11% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (11% average weekly change).Reported Earnings • May 20First quarter 2025 earnings released: EPS: JP¥26.31 (vs JP¥18.53 in 1Q 2024)First quarter 2025 results: EPS: JP¥26.31 (up from JP¥18.53 in 1Q 2024). Revenue: JP¥2.42b (up 133% from 1Q 2024). Net income: JP¥324.0m (up 65% from 1Q 2024). Profit margin: 13% (down from 19% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the IT industry in Japan.Valuation Update With 7 Day Price Move • May 16Investor sentiment improves as stock rises 18%After last week's 18% share price gain to JP¥2,185, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 18x in the IT industry in Japan. Total returns to shareholders of 198% over the past three years.Valuation Update With 7 Day Price Move • Apr 07Investor sentiment deteriorates as stock falls 21%After last week's 21% share price decline to JP¥1,345, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 17x in the IT industry in Japan. Total returns to shareholders of 50% over the past three years.Reported Earnings • Apr 05Full year 2024 earnings: EPS and revenues exceed analyst expectationsFull year 2024 results: EPS: JP¥77.88 (up from JP¥46.89 in FY 2023). Revenue: JP¥5.13b (up 107% from FY 2023). Net income: JP¥905.0m (up 87% from FY 2023). Profit margin: 18% (down from 20% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 14%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the IT industry in Japan.お知らせ • Apr 02f-code Inc. (TSE:9211) announces an Equity Buyback for 160,000 shares, representing 1.3% for ¥400 million.f-code Inc. (TSE:9211) announces a share repurchase program. Under the program, the company will repurchase up to 160,000 shares, representing 1.3% of its issued share capital, for ¥400 million. The program will be valid till May 30, 2025. As of April 1, 2025, the company has 12,330,437 issued shares (excluding treasury stock) and 40,563 treasury shares.Valuation Update With 7 Day Price Move • Mar 18Investor sentiment improves as stock rises 18%After last week's 18% share price gain to JP¥1,780, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 19x in the IT industry in Japan. Total returns to shareholders of 84% over the past three years.お知らせ • Mar 13f-code Inc. (TSE:9211) announces an Equity Buyback for 40,000 shares, representing 0.33% for ¥100 million.f-code Inc. (TSE:9211) announces a share repurchase program. Under the program, the company will repurchase up to 40,000 shares, representing 0.33% of its issued share capital, for ¥100 million. The purpose of the program is to to enhance shareholder returns. The program will be valid till April 30, 2025. As of December 31, 2024, the company has 12,260,085 issued shares (excluding treasury stock) and 515 treasury shares.お知らせ • Mar 05f-code Inc. to Report Q1, 2025 Results on May 15, 2025f-code Inc. announced that they will report Q1, 2025 results on May 15, 2025分析記事 • Feb 21f-code's (TSE:9211) Shareholders May Want To Dig Deeper Than Statutory Profitf-code Inc. ( TSE:9211 ) just released a solid earnings report, and the stock displayed some strength. While the profit...お知らせ • Feb 21f-Code Inc. Provides Consolidated Earnings Guidance for the Fiscal Year Ending December 31, 2025f-code Inc. provided consolidated earnings guidance for the fiscal year ending December 31, 2025. For the full year, the company expects sales revenue of JPY 10,000 million, Operating income of JPY 2,200 million, net income of JPY 1,319 million, Profit attributable to owners of the parent of JPY 1,285 million and Basic earnings per share of JPY 104.84.Valuation Update With 7 Day Price Move • Feb 21Investor sentiment improves as stock rises 16%After last week's 16% share price gain to JP¥1,658, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 19x in the IT industry in Japan. Total returns to shareholders of 156% over the past three years.お知らせ • Feb 17f-code Inc., Annual General Meeting, Mar 26, 2025f-code Inc., Annual General Meeting, Mar 26, 2025.Reported Earnings • Feb 16Full year 2024 earnings: EPS and revenues exceed analyst expectationsFull year 2024 results: EPS: JP¥77.88 (up from JP¥46.89 in FY 2023). Revenue: JP¥5.13b (up 107% from FY 2023). Net income: JP¥905.0m (up 87% from FY 2023). Profit margin: 18% (down from 20% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 14%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the IT industry in Japan.Buy Or Sell Opportunity • Feb 12Now 20% overvalued after recent price riseOver the last 90 days, the stock has risen 25% to JP¥1,372. The fair value is estimated to be JP¥1,141, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 69% over the last year. Earnings per share has grown by 63%. For the next 3 years, revenue is forecast to grow by 21% per annum. Earnings are also forecast to grow by 21% per annum over the same time period.New Risk • Feb 07New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 16% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (7.6% average weekly change). Minor Risk Shareholders have been diluted in the past year (16% increase in shares outstanding).お知らせ • Dec 04f-code Inc. to Report Fiscal Year 2024 Results on Feb 14, 2025f-code Inc. announced that they will report fiscal year 2024 results on Feb 14, 2025Valuation Update With 7 Day Price Move • Nov 21Investor sentiment improves as stock rises 26%After last week's 26% share price gain to JP¥1,383, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 20x in the IT industry in Japan. Total returns to shareholders of 52% over the past year.分析記事 • Nov 19Is It Time To Consider Buying f-code Inc. (TSE:9211)?While f-code Inc. ( TSE:9211 ) might not have the largest market cap around , it received a lot of attention from a...お知らせ • Nov 06f-code Inc. (TSE:9211) completed the acquisition of 50.10% stake in SpinFlow Inc from Tetsuya Hirashima ¥170 million.f-code Inc. (TSE:9211) agreed to acquire 50.10% stake in SpinFlow Inc from Tetsuya Hirashima for approximately ¥170 million on November 5, 2024. f-code acquiring 5,010 shares in SpinFlow. SpinFlow has Total assets of ¥185 million and Net asset of ¥100 million as for April to September, 2024. Date of conclusion of the agreement and Date of commencement of share transfer will be November 5, 2024. f-code Inc. (TSE:9211) completed the acquisition of 50.10% stake in SpinFlow Inc from Tetsuya Hirashima on November 5, 2024.Valuation Update With 7 Day Price Move • Sep 20Investor sentiment improves as stock rises 16%After last week's 16% share price gain to JP¥1,281, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 18x in the IT industry in Japan. Total returns to shareholders of 57% over the past year.分析記事 • Sep 19A Look At The Fair Value Of f-code Inc. (TSE:9211)Key Insights The projected fair value for f-code is JP¥1,228 based on 2 Stage Free Cash Flow to Equity Current share...お知らせ • Sep 03f-code Inc. to Report Q3, 2024 Results on Nov 14, 2024f-code Inc. announced that they will report Q3, 2024 results on Nov 14, 2024Valuation Update With 7 Day Price Move • Sep 03Investor sentiment improves as stock rises 25%After last week's 25% share price gain to JP¥1,230, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 18x in the IT industry in Japan. Total returns to shareholders of 46% over the past year.Reported Earnings • Aug 19Second quarter 2024 earnings released: EPS: JP¥10.41 (vs JP¥18.89 in 2Q 2023)Second quarter 2024 results: EPS: JP¥10.41 (down from JP¥18.89 in 2Q 2023). Revenue: JP¥1.00b (up 11% from 2Q 2023). Net income: JP¥176.0m (down 12% from 2Q 2023). Profit margin: 18% (down from 22% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the IT industry in Japan.Valuation Update With 7 Day Price Move • Aug 05Investor sentiment deteriorates as stock falls 17%After last week's 17% share price decline to JP¥1,035, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 17x in the IT industry in Japan. Total returns to shareholders of 7.8% over the past year.Buy Or Sell Opportunity • Jul 30Now 22% overvaluedOver the last 90 days, the stock has fallen 23% to JP¥1,291. The fair value is estimated to be JP¥1,054, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 49% over the last year. Earnings per share has grown by 87%. For the next 3 years, revenue is forecast to grow by 23% per annum. Earnings are also forecast to grow by 23% per annum over the same time period.Buy Or Sell Opportunity • Jul 11Now 21% overvaluedOver the last 90 days, the stock has fallen 53% to JP¥1,254. The fair value is estimated to be JP¥1,037, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 49% over the last year. Earnings per share has grown by 87%. For the next 3 years, revenue is forecast to grow by 23% per annum. Earnings are also forecast to grow by 23% per annum over the same time period.Buy Or Sell Opportunity • Jul 01Now 32% overvaluedOver the last 90 days, the stock has fallen 43% to JP¥1,418. The fair value is estimated to be JP¥1,074, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 49% over the last year. Earnings per share has grown by 87%. For the next 3 years, revenue is forecast to grow by 23% per annum. Earnings are also forecast to grow by 23% per annum over the same time period.Valuation Update With 7 Day Price Move • Jun 26Investor sentiment improves as stock rises 16%After last week's 16% share price gain to JP¥1,434, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 19x in the IT industry in Japan. Total returns to shareholders of 75% over the past year.Buy Or Sell Opportunity • Jun 18Now 25% overvaluedOver the last 90 days, the stock has fallen 50% to JP¥1,310. The fair value is estimated to be JP¥1,046, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 49% over the last year. Earnings per share has grown by 87%. For the next 3 years, revenue is forecast to grow by 23% per annum. Earnings are also forecast to grow by 23% per annum over the same time period.分析記事 • Jun 18Estimating The Intrinsic Value Of f-code Inc. (TSE:9211)Key Insights Using the 2 Stage Free Cash Flow to Equity, f-code fair value estimate is JP¥1,044 f-code's JP¥1,225 share...New Risk • Jun 13New minor risk - Market cap sizeThe company's market capitalization is less than US$100m. Market cap: JP¥15.2b (US$97.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risks Shareholders have been diluted in the past year (15% increase in shares outstanding). Market cap is less than US$100m (JP¥15.2b market cap, or US$97.0m).Valuation Update With 7 Day Price Move • May 22Investor sentiment deteriorates as stock falls 18%After last week's 18% share price decline to JP¥1,476, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 18x in the IT industry in Japan. Total returns to shareholders of 65% over the past year.New Risk • May 05New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 15% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (16% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (14% average weekly change). Minor Risk Shareholders have been diluted in the past year (15% increase in shares outstanding).お知らせ • Apr 18f-code Inc. has filed a Follow-on Equity Offering.f-code Inc. has filed a Follow-on Equity Offering. Security Name: Common Stock Security Type: Common Stock Securities Offered: 1,800,000Valuation Update With 7 Day Price Move • Apr 16Investor sentiment deteriorates as stock falls 16%After last week's 16% share price decline to JP¥2,318, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 19x in the IT industry in Japan. Total returns to shareholders of 175% over the past year.お知らせ • Mar 17f-code Inc. to Report Q1, 2024 Results on May 15, 2024f-code Inc. announced that they will report Q1, 2024 results on May 15, 2024Valuation Update With 7 Day Price Move • Mar 07Investor sentiment improves as stock rises 23%After last week's 23% share price gain to JP¥5,370, the stock trades at a forward P/E ratio of 35x. Average forward P/E is 19x in the IT industry in Japan. Total returns to shareholders of 166% over the past year.お知らせ • Feb 16f-code Inc., Annual General Meeting, Mar 28, 2024f-code Inc., Annual General Meeting, Mar 28, 2024.お知らせ • Jan 13f-code Inc. to Report Fiscal Year 2023 Results on Feb 14, 2024f-code Inc. announced that they will report fiscal year 2023 results on Feb 14, 2024New Risk • Nov 15New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Japanese stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported December 2019 fiscal period end). Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risks Shareholders have been diluted in the past year (27% increase in shares outstanding). Market cap is less than US$100m (JP¥7.78b market cap, or US$51.8m).New Risk • Jul 14New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 5.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Latest financial reports are more than 1 year old (reported December 2019 fiscal period end). Minor Risks Share price has been volatile over the past 3 months (5.1% average weekly change). Shareholders have been diluted in the past year (26% increase in shares outstanding). Market cap is less than US$100m (JP¥9.20b market cap, or US$66.4m).お知らせ • Jun 29f-code Inc. to Report Q2, 2023 Results on Aug 14, 2023f-code Inc. announced that they will report Q2, 2023 results on Aug 14, 2023お知らせ • Dec 06f-code Inc. to Report Fiscal Year 2022 Results on Feb 14, 2023f-code Inc. announced that they will report fiscal year 2022 results on Feb 14, 2023お知らせ • Nov 30f-code Inc. (TSE:9211) agreed to acquire KaiU business from Subscription Factory, K.K. for ¥300 million.f-code Inc. (TSE:9211) agreed to acquire KaiU business from Subscription Factory, K.K. for ¥300 million on November 28, 2022. Transaction is expected to be closed on January 31, 2022.お知らせ • Nov 23f-code Inc. (TSE:9211) agreed to acquire Chatbot Hachidori Business And SaaS-Type Video Message Tool Recit Business from Hachidori Co., Ltd. for ¥800 million.f-code Inc. (TSE:9211) agreed to acquire Chatbot Hachidori Business And SaaS-Type Video Message Tool Recit Business from Hachidori Co., Ltd. for ¥800 million on November 21, 2022.お知らせ • Oct 18f-code Inc. (TSE:9211) agreed to acquire Sinclo Business from MEDiA LiNK.Co., Ltd. for ¥350 million.f-code Inc. (TSE:9211) agreed to acquire Sinclo Business from MEDiA LiNK.Co., Ltd. for ¥350 million on October 17, 2022. Consideration will be settle in cash with cash on hand. The transaction is expected to complete on November 1, 2022.お知らせ • Sep 28f-code Inc. to Report Q3, 2022 Results on Nov 14, 2022f-code Inc. announced that they will report Q3, 2022 results on Nov 14, 2022お知らせ • Aug 18f-code Inc. (TSE:9211) agreed to acquire SaaS business (GORILLAEFO) from Bruce Clay Japan, Inc. for ¥93.1 million.f-code Inc. (TSE:9211) agreed to acquire SaaS business (GORILLAEFO) from Bruce Clay Japan, Inc. for ¥93.1 million on August 17, 2022. Consideration shall be settled in cash with cash on hand. An additional transfer price of up to ¥93.1 million may be incurred, and may be paid by September 29, 2023. For the Fiscal year ending December 2021, SaaS business reported sales of ¥45 million. Business transfer date is scheduled for September 1, 2022.お知らせ • Jun 22f-code Inc. to Report Q2, 2022 Results on Aug 12, 2022f-code Inc. announced that they will report Q2, 2022 results on Aug 12, 2022お知らせ • Apr 08f-code Inc. to Report Q1, 2022 Results on May 13, 2022f-code Inc. announced that they will report Q1, 2022 results on May 13, 2022お知らせ • Feb 16f-code Inc., Annual General Meeting, Mar 25, 2022f-code Inc., Annual General Meeting, Mar 25, 2022.お知らせ • Dec 24f-code Inc. has completed an IPO in the amount of ¥322.594 million.f-code Inc. has completed an IPO in the amount of ¥322.594 million. Security Name: Common Stock Security Type: Common Stock Securities Offered: 159,700 Price\Range: ¥2020 Discount Per Security: ¥161.6 Transaction Features: Sponsor Backed Offering財務状況分析短期負債: 9211の 短期資産 ( ¥12.9B ) が 短期負債 ( ¥8.5B ) を超えています。長期負債: 9211の短期資産 ( ¥12.9B ) は 長期負債 ( ¥15.4B ) をカバーしていません。デット・ツー・エクイティの歴史と分析負債レベル: 9211の 純負債対資本比率 ( 66.1% ) は 高い と見なされます。負債の削減: 9211の負債対資本比率は、過去 5 年間で181.9%から174.4%に減少しました。債務返済能力: 9211の負債は 営業キャッシュフロー によって 十分にカバーされていません ( 8.7% )。インタレストカバレッジ: 9211の負債に対する 利息支払い は EBIT ( 10.7 x coverage) によって 十分にカバーされています。貸借対照表健全な企業の発掘7D1Y7D1Y7D1YSoftware 業界の健全な企業。View Dividend企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2026/07/03 10:39終値2026/07/03 00:00収益2026/03/31年間収益2025/12/31データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレークこのレポートを生成するために使用した分析モデルの詳細は、当社の Github ページ でご覧いただけます。また、レポートの使い方に関する ガイド や YouTube の チュートリアル もご用意しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋f-code Inc. 1 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。1 アナリスト機関Hiroshi NayaIchiyoshi Research Institute Inc.
分析記事 • Nov 18Is f-code (TSE:9211) A Risky Investment?Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it might be obvious that you need to...
Buy Or Sell Opportunity • 19hNow 25% overvaluedOver the last 90 days, the stock has fallen 6.3% to JP¥1,394. The fair value is estimated to be JP¥1,113, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 106% over the last year. Earnings per share has grown by 50%. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 24% per annum over the same time period.
New Risk • Jun 26New minor risk - Market cap sizeThe company's market capitalization is less than US$100m. Market cap: JP¥15.9b (US$98.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (8.7% operating cash flow to total debt). Minor Risk Market cap is less than US$100m (JP¥15.9b market cap, or US$98.3m).
お知らせ • Jun 17f-code Inc. to Report Q2, 2026 Results on Aug 14, 2026f-code Inc. announced that they will report Q2, 2026 results on Aug 14, 2026
Buy Or Sell Opportunity • Jun 17Now 28% overvaluedOver the last 90 days, the stock has fallen 5.4% to JP¥1,456. The fair value is estimated to be JP¥1,140, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 106% over the last year. Earnings per share has grown by 49%. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 24% per annum over the same time period.
Reported Earnings • May 20First quarter 2026 earnings released: EPS: JP¥37.68 (vs JP¥26.35 in 1Q 2025)First quarter 2026 results: EPS: JP¥37.68 (up from JP¥26.35 in 1Q 2025). Revenue: JP¥3.90b (up 62% from 1Q 2025). Net income: JP¥460.0m (up 42% from 1Q 2025). Profit margin: 12% (down from 13% in 1Q 2025). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the IT industry in Japan.
Buy Or Sell Opportunity • May 05Now 21% overvaluedOver the last 90 days, the stock has fallen 7.0% to JP¥1,491. The fair value is estimated to be JP¥1,233, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 133% over the last year. Earnings per share has grown by 52%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are also forecast to grow by 24% per annum over the same time period.
分析記事 • Apr 06We Like f-code's (TSE:9211) Earnings For More Than Just Statutory Profitf-code Inc.'s ( TSE:9211 ) solid earnings announcement recently didn't do much to the stock price. We did some analysis...
New Risk • Apr 04New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 53% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (9.2% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (8.1% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (12% net profit margin).
Reported Earnings • Apr 04Full year 2025 earnings: EPS and revenues exceed analyst expectationsFull year 2025 results: EPS: JP¥118 (up from JP¥77.88 in FY 2024). Revenue: JP¥11.9b (up 133% from FY 2024). Net income: JP¥1.45b (up 60% from FY 2024). Profit margin: 12% (down from 18% in FY 2024). Revenue exceeded analyst estimates by 3.8%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the IT industry in Japan.
Valuation Update With 7 Day Price Move • Mar 11Investor sentiment improves as stock rises 19%After last week's 19% share price gain to JP¥1,629, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 16x in the IT industry in Japan. Total returns to shareholders of 64% over the past three years.
分析記事 • Feb 17Do f-code's (TSE:9211) Earnings Warrant Your Attention?Investors are often guided by the idea of discovering 'the next big thing', even if that means buying 'story stocks...
お知らせ • Feb 16f-code Inc., Annual General Meeting, Mar 27, 2026f-code Inc., Annual General Meeting, Mar 27, 2026.
Reported Earnings • Feb 16Full year 2025 earnings: EPS and revenues exceed analyst expectationsFull year 2025 results: EPS: JP¥119 (up from JP¥77.88 in FY 2024). Revenue: JP¥11.9b (up 133% from FY 2024). Net income: JP¥1.45b (up 60% from FY 2024). Profit margin: 12% (down from 18% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.8%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the IT industry in Japan.
お知らせ • Feb 11f-code Inc. (TSE:9211) agreed to acquire 75% stake in AI ONE Co., Ltd from Kazumasa Moriya for ¥1.2 billion.f-code Inc. (TSE:9211) agreed to acquire 75% stake in AI ONE Co., Ltd from Kazumasa Moriya for ¥1.2 billion on February 10, 2026. A cash consideration of ¥1.2 billion will be paid by f-code Inc. As part of consideration, ¥1.2 billion is paid towards common equity of AI ONE Co., Ltd. The expected completion of the transaction is February 24, 2026.
お知らせ • Dec 03f-code Inc. to Report Fiscal Year 2025 Results on Feb 13, 2026f-code Inc. announced that they will report fiscal year 2025 results on Feb 13, 2026
分析記事 • Nov 18Is f-code (TSE:9211) A Risky Investment?Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it might be obvious that you need to...
Reported Earnings • Nov 18Third quarter 2025 earnings released: EPS: JP¥31.87 (vs JP¥18.25 in 3Q 2024)Third quarter 2025 results: EPS: JP¥31.87 (up from JP¥18.25 in 3Q 2024). Revenue: JP¥3.19b (up 207% from 3Q 2024). Net income: JP¥389.0m (up 76% from 3Q 2024). Profit margin: 12% (down from 21% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the IT industry in Japan.
New Risk • Nov 17New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Japanese stocks, typically moving 8.4% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (8.4% average weekly change).
Valuation Update With 7 Day Price Move • Nov 17Investor sentiment deteriorates as stock falls 17%After last week's 17% share price decline to JP¥1,642, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 19x in the IT industry in Japan. Total returns to shareholders of 34% over the past three years.
Board Change • Nov 05Less than half of directors are independentFollowing the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Outside Director Genta Imamura was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.
分析記事 • Sep 14Here's Why We Think f-code (TSE:9211) Is Well Worth WatchingThe excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even...
Valuation Update With 7 Day Price Move • Sep 03Investor sentiment deteriorates as stock falls 15%After last week's 15% share price decline to JP¥2,120, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 19x in the IT industry in Japan. Total returns to shareholders of 136% over the past three years.
お知らせ • Sep 02f-code Inc. to Report Q3, 2025 Results on Nov 14, 2025f-code Inc. announced that they will report Q3, 2025 results on Nov 14, 2025
分析記事 • Aug 24We Like f-code's (TSE:9211) Earnings For More Than Just Statutory Profitf-code Inc. ( TSE:9211 ) announced a healthy earnings result recently, and the market rewarded it with a strong uplift...
Reported Earnings • Aug 16Second quarter 2025 earnings released: EPS: JP¥26.28 (vs JP¥15.16 in 2Q 2024)Second quarter 2025 results: EPS: JP¥26.28 (up from JP¥15.16 in 2Q 2024). Revenue: JP¥2.80b (up 179% from 2Q 2024). Net income: JP¥321.4m (up 83% from 2Q 2024). Profit margin: 12% (down from 18% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the IT industry in Japan.
お知らせ • Jun 25f-code Inc. to Report Q2, 2025 Results on Aug 14, 2025f-code Inc. announced that they will report Q2, 2025 results on Aug 14, 2025
New Risk • May 20New major risk - Financial positionThe company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 11% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (11% average weekly change).
Reported Earnings • May 20First quarter 2025 earnings released: EPS: JP¥26.31 (vs JP¥18.53 in 1Q 2024)First quarter 2025 results: EPS: JP¥26.31 (up from JP¥18.53 in 1Q 2024). Revenue: JP¥2.42b (up 133% from 1Q 2024). Net income: JP¥324.0m (up 65% from 1Q 2024). Profit margin: 13% (down from 19% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the IT industry in Japan.
Valuation Update With 7 Day Price Move • May 16Investor sentiment improves as stock rises 18%After last week's 18% share price gain to JP¥2,185, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 18x in the IT industry in Japan. Total returns to shareholders of 198% over the past three years.
Valuation Update With 7 Day Price Move • Apr 07Investor sentiment deteriorates as stock falls 21%After last week's 21% share price decline to JP¥1,345, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 17x in the IT industry in Japan. Total returns to shareholders of 50% over the past three years.
Reported Earnings • Apr 05Full year 2024 earnings: EPS and revenues exceed analyst expectationsFull year 2024 results: EPS: JP¥77.88 (up from JP¥46.89 in FY 2023). Revenue: JP¥5.13b (up 107% from FY 2023). Net income: JP¥905.0m (up 87% from FY 2023). Profit margin: 18% (down from 20% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 14%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the IT industry in Japan.
お知らせ • Apr 02f-code Inc. (TSE:9211) announces an Equity Buyback for 160,000 shares, representing 1.3% for ¥400 million.f-code Inc. (TSE:9211) announces a share repurchase program. Under the program, the company will repurchase up to 160,000 shares, representing 1.3% of its issued share capital, for ¥400 million. The program will be valid till May 30, 2025. As of April 1, 2025, the company has 12,330,437 issued shares (excluding treasury stock) and 40,563 treasury shares.
Valuation Update With 7 Day Price Move • Mar 18Investor sentiment improves as stock rises 18%After last week's 18% share price gain to JP¥1,780, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 19x in the IT industry in Japan. Total returns to shareholders of 84% over the past three years.
お知らせ • Mar 13f-code Inc. (TSE:9211) announces an Equity Buyback for 40,000 shares, representing 0.33% for ¥100 million.f-code Inc. (TSE:9211) announces a share repurchase program. Under the program, the company will repurchase up to 40,000 shares, representing 0.33% of its issued share capital, for ¥100 million. The purpose of the program is to to enhance shareholder returns. The program will be valid till April 30, 2025. As of December 31, 2024, the company has 12,260,085 issued shares (excluding treasury stock) and 515 treasury shares.
お知らせ • Mar 05f-code Inc. to Report Q1, 2025 Results on May 15, 2025f-code Inc. announced that they will report Q1, 2025 results on May 15, 2025
分析記事 • Feb 21f-code's (TSE:9211) Shareholders May Want To Dig Deeper Than Statutory Profitf-code Inc. ( TSE:9211 ) just released a solid earnings report, and the stock displayed some strength. While the profit...
お知らせ • Feb 21f-Code Inc. Provides Consolidated Earnings Guidance for the Fiscal Year Ending December 31, 2025f-code Inc. provided consolidated earnings guidance for the fiscal year ending December 31, 2025. For the full year, the company expects sales revenue of JPY 10,000 million, Operating income of JPY 2,200 million, net income of JPY 1,319 million, Profit attributable to owners of the parent of JPY 1,285 million and Basic earnings per share of JPY 104.84.
Valuation Update With 7 Day Price Move • Feb 21Investor sentiment improves as stock rises 16%After last week's 16% share price gain to JP¥1,658, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 19x in the IT industry in Japan. Total returns to shareholders of 156% over the past three years.
お知らせ • Feb 17f-code Inc., Annual General Meeting, Mar 26, 2025f-code Inc., Annual General Meeting, Mar 26, 2025.
Reported Earnings • Feb 16Full year 2024 earnings: EPS and revenues exceed analyst expectationsFull year 2024 results: EPS: JP¥77.88 (up from JP¥46.89 in FY 2023). Revenue: JP¥5.13b (up 107% from FY 2023). Net income: JP¥905.0m (up 87% from FY 2023). Profit margin: 18% (down from 20% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 14%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the IT industry in Japan.
Buy Or Sell Opportunity • Feb 12Now 20% overvalued after recent price riseOver the last 90 days, the stock has risen 25% to JP¥1,372. The fair value is estimated to be JP¥1,141, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 69% over the last year. Earnings per share has grown by 63%. For the next 3 years, revenue is forecast to grow by 21% per annum. Earnings are also forecast to grow by 21% per annum over the same time period.
New Risk • Feb 07New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 16% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (7.6% average weekly change). Minor Risk Shareholders have been diluted in the past year (16% increase in shares outstanding).
お知らせ • Dec 04f-code Inc. to Report Fiscal Year 2024 Results on Feb 14, 2025f-code Inc. announced that they will report fiscal year 2024 results on Feb 14, 2025
Valuation Update With 7 Day Price Move • Nov 21Investor sentiment improves as stock rises 26%After last week's 26% share price gain to JP¥1,383, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 20x in the IT industry in Japan. Total returns to shareholders of 52% over the past year.
分析記事 • Nov 19Is It Time To Consider Buying f-code Inc. (TSE:9211)?While f-code Inc. ( TSE:9211 ) might not have the largest market cap around , it received a lot of attention from a...
お知らせ • Nov 06f-code Inc. (TSE:9211) completed the acquisition of 50.10% stake in SpinFlow Inc from Tetsuya Hirashima ¥170 million.f-code Inc. (TSE:9211) agreed to acquire 50.10% stake in SpinFlow Inc from Tetsuya Hirashima for approximately ¥170 million on November 5, 2024. f-code acquiring 5,010 shares in SpinFlow. SpinFlow has Total assets of ¥185 million and Net asset of ¥100 million as for April to September, 2024. Date of conclusion of the agreement and Date of commencement of share transfer will be November 5, 2024. f-code Inc. (TSE:9211) completed the acquisition of 50.10% stake in SpinFlow Inc from Tetsuya Hirashima on November 5, 2024.
Valuation Update With 7 Day Price Move • Sep 20Investor sentiment improves as stock rises 16%After last week's 16% share price gain to JP¥1,281, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 18x in the IT industry in Japan. Total returns to shareholders of 57% over the past year.
分析記事 • Sep 19A Look At The Fair Value Of f-code Inc. (TSE:9211)Key Insights The projected fair value for f-code is JP¥1,228 based on 2 Stage Free Cash Flow to Equity Current share...
お知らせ • Sep 03f-code Inc. to Report Q3, 2024 Results on Nov 14, 2024f-code Inc. announced that they will report Q3, 2024 results on Nov 14, 2024
Valuation Update With 7 Day Price Move • Sep 03Investor sentiment improves as stock rises 25%After last week's 25% share price gain to JP¥1,230, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 18x in the IT industry in Japan. Total returns to shareholders of 46% over the past year.
Reported Earnings • Aug 19Second quarter 2024 earnings released: EPS: JP¥10.41 (vs JP¥18.89 in 2Q 2023)Second quarter 2024 results: EPS: JP¥10.41 (down from JP¥18.89 in 2Q 2023). Revenue: JP¥1.00b (up 11% from 2Q 2023). Net income: JP¥176.0m (down 12% from 2Q 2023). Profit margin: 18% (down from 22% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the IT industry in Japan.
Valuation Update With 7 Day Price Move • Aug 05Investor sentiment deteriorates as stock falls 17%After last week's 17% share price decline to JP¥1,035, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 17x in the IT industry in Japan. Total returns to shareholders of 7.8% over the past year.
Buy Or Sell Opportunity • Jul 30Now 22% overvaluedOver the last 90 days, the stock has fallen 23% to JP¥1,291. The fair value is estimated to be JP¥1,054, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 49% over the last year. Earnings per share has grown by 87%. For the next 3 years, revenue is forecast to grow by 23% per annum. Earnings are also forecast to grow by 23% per annum over the same time period.
Buy Or Sell Opportunity • Jul 11Now 21% overvaluedOver the last 90 days, the stock has fallen 53% to JP¥1,254. The fair value is estimated to be JP¥1,037, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 49% over the last year. Earnings per share has grown by 87%. For the next 3 years, revenue is forecast to grow by 23% per annum. Earnings are also forecast to grow by 23% per annum over the same time period.
Buy Or Sell Opportunity • Jul 01Now 32% overvaluedOver the last 90 days, the stock has fallen 43% to JP¥1,418. The fair value is estimated to be JP¥1,074, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 49% over the last year. Earnings per share has grown by 87%. For the next 3 years, revenue is forecast to grow by 23% per annum. Earnings are also forecast to grow by 23% per annum over the same time period.
Valuation Update With 7 Day Price Move • Jun 26Investor sentiment improves as stock rises 16%After last week's 16% share price gain to JP¥1,434, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 19x in the IT industry in Japan. Total returns to shareholders of 75% over the past year.
Buy Or Sell Opportunity • Jun 18Now 25% overvaluedOver the last 90 days, the stock has fallen 50% to JP¥1,310. The fair value is estimated to be JP¥1,046, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 49% over the last year. Earnings per share has grown by 87%. For the next 3 years, revenue is forecast to grow by 23% per annum. Earnings are also forecast to grow by 23% per annum over the same time period.
分析記事 • Jun 18Estimating The Intrinsic Value Of f-code Inc. (TSE:9211)Key Insights Using the 2 Stage Free Cash Flow to Equity, f-code fair value estimate is JP¥1,044 f-code's JP¥1,225 share...
New Risk • Jun 13New minor risk - Market cap sizeThe company's market capitalization is less than US$100m. Market cap: JP¥15.2b (US$97.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risks Shareholders have been diluted in the past year (15% increase in shares outstanding). Market cap is less than US$100m (JP¥15.2b market cap, or US$97.0m).
Valuation Update With 7 Day Price Move • May 22Investor sentiment deteriorates as stock falls 18%After last week's 18% share price decline to JP¥1,476, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 18x in the IT industry in Japan. Total returns to shareholders of 65% over the past year.
New Risk • May 05New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 15% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (16% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (14% average weekly change). Minor Risk Shareholders have been diluted in the past year (15% increase in shares outstanding).
お知らせ • Apr 18f-code Inc. has filed a Follow-on Equity Offering.f-code Inc. has filed a Follow-on Equity Offering. Security Name: Common Stock Security Type: Common Stock Securities Offered: 1,800,000
Valuation Update With 7 Day Price Move • Apr 16Investor sentiment deteriorates as stock falls 16%After last week's 16% share price decline to JP¥2,318, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 19x in the IT industry in Japan. Total returns to shareholders of 175% over the past year.
お知らせ • Mar 17f-code Inc. to Report Q1, 2024 Results on May 15, 2024f-code Inc. announced that they will report Q1, 2024 results on May 15, 2024
Valuation Update With 7 Day Price Move • Mar 07Investor sentiment improves as stock rises 23%After last week's 23% share price gain to JP¥5,370, the stock trades at a forward P/E ratio of 35x. Average forward P/E is 19x in the IT industry in Japan. Total returns to shareholders of 166% over the past year.
お知らせ • Feb 16f-code Inc., Annual General Meeting, Mar 28, 2024f-code Inc., Annual General Meeting, Mar 28, 2024.
お知らせ • Jan 13f-code Inc. to Report Fiscal Year 2023 Results on Feb 14, 2024f-code Inc. announced that they will report fiscal year 2023 results on Feb 14, 2024
New Risk • Nov 15New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Japanese stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported December 2019 fiscal period end). Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risks Shareholders have been diluted in the past year (27% increase in shares outstanding). Market cap is less than US$100m (JP¥7.78b market cap, or US$51.8m).
New Risk • Jul 14New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 5.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Latest financial reports are more than 1 year old (reported December 2019 fiscal period end). Minor Risks Share price has been volatile over the past 3 months (5.1% average weekly change). Shareholders have been diluted in the past year (26% increase in shares outstanding). Market cap is less than US$100m (JP¥9.20b market cap, or US$66.4m).
お知らせ • Jun 29f-code Inc. to Report Q2, 2023 Results on Aug 14, 2023f-code Inc. announced that they will report Q2, 2023 results on Aug 14, 2023
お知らせ • Dec 06f-code Inc. to Report Fiscal Year 2022 Results on Feb 14, 2023f-code Inc. announced that they will report fiscal year 2022 results on Feb 14, 2023
お知らせ • Nov 30f-code Inc. (TSE:9211) agreed to acquire KaiU business from Subscription Factory, K.K. for ¥300 million.f-code Inc. (TSE:9211) agreed to acquire KaiU business from Subscription Factory, K.K. for ¥300 million on November 28, 2022. Transaction is expected to be closed on January 31, 2022.
お知らせ • Nov 23f-code Inc. (TSE:9211) agreed to acquire Chatbot Hachidori Business And SaaS-Type Video Message Tool Recit Business from Hachidori Co., Ltd. for ¥800 million.f-code Inc. (TSE:9211) agreed to acquire Chatbot Hachidori Business And SaaS-Type Video Message Tool Recit Business from Hachidori Co., Ltd. for ¥800 million on November 21, 2022.
お知らせ • Oct 18f-code Inc. (TSE:9211) agreed to acquire Sinclo Business from MEDiA LiNK.Co., Ltd. for ¥350 million.f-code Inc. (TSE:9211) agreed to acquire Sinclo Business from MEDiA LiNK.Co., Ltd. for ¥350 million on October 17, 2022. Consideration will be settle in cash with cash on hand. The transaction is expected to complete on November 1, 2022.
お知らせ • Sep 28f-code Inc. to Report Q3, 2022 Results on Nov 14, 2022f-code Inc. announced that they will report Q3, 2022 results on Nov 14, 2022
お知らせ • Aug 18f-code Inc. (TSE:9211) agreed to acquire SaaS business (GORILLAEFO) from Bruce Clay Japan, Inc. for ¥93.1 million.f-code Inc. (TSE:9211) agreed to acquire SaaS business (GORILLAEFO) from Bruce Clay Japan, Inc. for ¥93.1 million on August 17, 2022. Consideration shall be settled in cash with cash on hand. An additional transfer price of up to ¥93.1 million may be incurred, and may be paid by September 29, 2023. For the Fiscal year ending December 2021, SaaS business reported sales of ¥45 million. Business transfer date is scheduled for September 1, 2022.
お知らせ • Jun 22f-code Inc. to Report Q2, 2022 Results on Aug 12, 2022f-code Inc. announced that they will report Q2, 2022 results on Aug 12, 2022
お知らせ • Apr 08f-code Inc. to Report Q1, 2022 Results on May 13, 2022f-code Inc. announced that they will report Q1, 2022 results on May 13, 2022
お知らせ • Feb 16f-code Inc., Annual General Meeting, Mar 25, 2022f-code Inc., Annual General Meeting, Mar 25, 2022.
お知らせ • Dec 24f-code Inc. has completed an IPO in the amount of ¥322.594 million.f-code Inc. has completed an IPO in the amount of ¥322.594 million. Security Name: Common Stock Security Type: Common Stock Securities Offered: 159,700 Price\Range: ¥2020 Discount Per Security: ¥161.6 Transaction Features: Sponsor Backed Offering