COVER (S89) Stock Overview

COVER Corporation distribute videos and music through VTubers distribution platform in Japan. More details

S89 fundamental analysis
Snowflake Score
Valuation	2/6
Future Growth	4/6
Past Performance	3/6
Financial Health	6/6
Dividends	0/6

Rewards

Trading at 47.6% below our estimate of its fair value

Earnings are forecast to grow 19.31% per year

Earnings grew by 18.2% over the past year

Risk Analysis

Shares are highly illiquid

High level of non-cash earnings

S89 Community Fair Values

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COVER Corporation Competitors

Price History & Performance

Summary of share price highs, lows and changes for COVER
Historical stock prices
Current Share Price	JP¥8.43
52 Week High	JP¥9.10
52 Week Low	JP¥8.10
Beta	0.50
1 Month Change	n/a
3 Month Change	n/a
1 Year Change	n/a
3 Year Change	n/a
5 Year Change	n/a
Change since IPO	-7.34%

Recent News & Updates

No updates

Recent updates

No updates

Shareholder Returns

	S89	DE Entertainment	DE Market
7D	-5.6%	-0.2%	1.8%
1Y	n/a	-2.4%	10.5%

Return vs Industry: Insufficient data to determine how S89 performed against the German Entertainment industry.

Return vs Market: Insufficient data to determine how S89 performed against the German Market.

Price Volatility

Is S89's price volatile compared to industry and market?
S89 volatility
S89 Average Weekly Movement	n/a
Entertainment Industry Average Movement	6.3%
Market Average Movement	5.0%
10% most volatile stocks in DE Market	12.1%
10% least volatile stocks in DE Market	2.5%

Stable Share Price: S89's share price has been volatile over the past 3 months compared to the German market.

Volatility Over Time: Insufficient data to determine S89's volatility change over the past year.

About the Company

Founded	Employees	CEO	Website
2016	679	Motoaki Tanigo	cover-corp.com

COVER Corporation distribute videos and music through VTubers distribution platform in Japan. It also develops characters and anime-look avatars; plans and produces events; and offers video content, such as live streams, music videos, and animations through video distribution, as well as membership subscriptions, advertising, and promotions services. In addition, the company is involved in the electronic commerce, VTuber production, and media mix businesses; and development of Metaverse Holoearth, focusing on sandbox games that allow users to act freely in a virtual space.

COVER Corporation Fundamentals Summary

How do COVER's earnings and revenue compare to its market cap?
S89 fundamental statistics
Market cap	€564.57m
Earnings (TTM)	€29.81m
Revenue (TTM)	€263.37m

18.9x

P/E Ratio

2.1x

P/S Ratio

Is S89 overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
S89 income statement (TTM)
Revenue	JP¥48.05b
Cost of Revenue	JP¥24.76b
Gross Profit	JP¥23.30b
Other Expenses	JP¥17.86b
Earnings	JP¥5.44b

Last Reported Earnings

Sep 30, 2025

Next Earnings Date

n/a

Earnings per share (EPS)	82.83
Gross Margin	48.48%
Net Profit Margin	11.32%
Debt/Equity Ratio	0%

How did S89 perform over the long term?

See historical performance and comparison

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2025/12/09 09:01
End of Day Share Price	2025/12/09 00:00
Earnings	2025/09/30
Annual Earnings	2025/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

COVER Corporation is covered by 8 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Kazuki Sakaguchi	Daiwa Securities Co. Ltd.
null null	Daiwa Securities Co. Ltd.
Norihiro Miyazaki	Goldman Sachs