New Risk • May 09
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 24% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (24% accrual ratio). Minor Risks Dividend is not well covered by cash flows (155% cash payout ratio). Market cap is less than US$100m (JP¥15.4b market cap, or US$98.3m). Reported Earnings • May 08
Full year 2026 earnings released: EPS: JP¥103 (vs JP¥83.79 in FY 2025) Full year 2026 results: EPS: JP¥103 (up from JP¥83.79 in FY 2025). Revenue: JP¥18.5b (flat on FY 2025). Net income: JP¥1.56b (up 24% from FY 2025). Profit margin: 8.5% (up from 6.9% in FY 2025). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • May 07
Cube System Inc., Annual General Meeting, Jun 25, 2026 Cube System Inc., Annual General Meeting, Jun 25, 2026. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥22.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 08 June 2026. Payout ratio is a comfortable 42% but the company is paying out more than the cash it is generating. Trailing yield: 4.3%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.8%). New Risk • Mar 05
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥15.7b (US$100.0m) 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: Minor Risks Dividend is not well covered by cash flows (101% cash payout ratio). Large one-off items impacting financial results. Market cap is less than US$100m (JP¥15.7b market cap, or US$100.0m). Reported Earnings • Feb 05
Third quarter 2026 earnings released: EPS: JP¥34.39 (vs JP¥16.07 in 3Q 2025) Third quarter 2026 results: EPS: JP¥34.39 (up from JP¥16.07 in 3Q 2025). Revenue: JP¥4.62b (flat on 3Q 2025). Net income: JP¥522.0m (up 116% from 3Q 2025). Profit margin: 11% (up from 5.2% in 3Q 2025). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Declared Dividend • Dec 03
First half dividend of JP¥22.00 announced Shareholders will receive a dividend of JP¥22.00. Ex-date: 30th March 2026 Payment date: 8th June 2026 Dividend yield will be 3.9%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by earnings (52% earnings payout ratio) but not covered by cash flows (101% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 8.6% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 07
Second quarter 2026 earnings released: EPS: JP¥23.48 (vs JP¥33.59 in 2Q 2025) Second quarter 2026 results: EPS: JP¥23.48 (down from JP¥33.59 in 2Q 2025). Revenue: JP¥4.60b (flat on 2Q 2025). Net income: JP¥355.0m (down 30% from 2Q 2025). Profit margin: 7.7% (down from 11% in 2Q 2025). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 08
First quarter 2026 earnings released: EPS: JP¥13.28 (vs JP¥10.43 in 1Q 2025) First quarter 2026 results: EPS: JP¥13.28 (up from JP¥10.43 in 1Q 2025). Revenue: JP¥4.55b (up 3.1% from 1Q 2025). Net income: JP¥200.0m (up 27% from 1Q 2025). Profit margin: 4.4% (up from 3.6% in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 6% per year. Board Change • Jul 10
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Outside Director Takefumi Saito was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Declared Dividend • Jul 09
Final dividend of JP¥20.00 announced Shareholders will receive a dividend of JP¥20.00. Ex-date: 29th September 2025 Payment date: 3rd December 2025 Dividend yield will be 3.6%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by earnings (50% earnings payout ratio) but not covered by cash flows (293% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 17% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Jun 12
Cube System Inc. to Report Q1, 2026 Results on Aug 06, 2025 Cube System Inc. announced that they will report Q1, 2026 results on Aug 06, 2025 New Risk • May 10
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 25% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (25% accrual ratio). Minor Risk Dividend is not well covered by cash flows (279% cash payout ratio). Reported Earnings • May 09
Full year 2025 earnings released: EPS: JP¥83.79 (vs JP¥70.38 in FY 2024) Full year 2025 results: EPS: JP¥83.79 (up from JP¥70.38 in FY 2024). Revenue: JP¥18.4b (up 1.8% from FY 2024). Net income: JP¥1.26b (up 18% from FY 2024). Profit margin: 6.9% (up from 5.9% in FY 2024). Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 6% per year. Announcement • May 08
Cube System Inc., Annual General Meeting, Jun 26, 2025 Cube System Inc., Annual General Meeting, Jun 26, 2025. New Risk • Apr 04
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥14.5b (US$99.9m) 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: Minor Risks Dividend is not well covered by cash flows (241% cash payout ratio). Large one-off items impacting financial results. Market cap is less than US$100m (JP¥14.5b market cap, or US$99.9m). Upcoming Dividend • Mar 21
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 03 June 2025. Payout ratio is a comfortable 50% but the company is paying out more than the cash it is generating. Trailing yield: 3.9%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.4%). Announcement • Mar 11
Cube System Inc. to Report Fiscal Year 2025 Results on May 08, 2025 Cube System Inc. announced that they will report fiscal year 2025 results on May 08, 2025 Announcement • Feb 14
Cube System Inc. Provides Consolidated Earnings Guidance for the Full Year Ending March 31, 2025 Cube System Inc. provided consolidated earnings guidance for the full year ending March 31, 2025. For the year, the company expects net sales of JPY 18,300 million, operating profit of JPY 1,300 million, profit attributable to owners of parent of JPY 1,210 million and earnings per share of JPY 80.40. Reported Earnings • Feb 07
Third quarter 2025 earnings released: EPS: JP¥16.07 (vs JP¥16.95 in 3Q 2024) Third quarter 2025 results: EPS: JP¥16.07 (down from JP¥16.95 in 3Q 2024). Revenue: JP¥4.63b (up 1.8% from 3Q 2024). Net income: JP¥242.0m (down 5.8% from 3Q 2024). Profit margin: 5.2% (down from 5.6% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 2% per year. New Risk • Jan 07
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥15.7b (US$99.6m) 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 High level of non-cash earnings (27% accrual ratio). Minor Risks Dividend is not well covered by cash flows (241% cash payout ratio). Market cap is less than US$100m (JP¥15.7b market cap, or US$99.6m). Announcement • Dec 05
Cube System Inc. to Report Q3, 2025 Results on Feb 05, 2025 Cube System Inc. announced that they will report Q3, 2025 results on Feb 05, 2025 Declared Dividend • Dec 04
First half dividend of JP¥20.00 announced Dividend of JP¥20.00 is the same as last year. Ex-date: 28th March 2025 Payment date: 3rd June 2025 Dividend yield will be 3.8%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by earnings (49% earnings payout ratio) but not covered by cash flows (241% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 13% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • Nov 09
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 27% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (27% accrual ratio). Minor Risk Dividend is not well covered by cash flows (240% cash payout ratio). Reported Earnings • Nov 08
Second quarter 2025 earnings released: EPS: JP¥33.59 (vs JP¥17.74 in 2Q 2024) Second quarter 2025 results: EPS: JP¥33.59 (up from JP¥17.74 in 2Q 2024). Revenue: JP¥4.61b (flat on 2Q 2024). Net income: JP¥505.0m (up 88% from 2Q 2024). Profit margin: 11% (up from 5.8% in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 1% per year. New Risk • Oct 10
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥14.9b (US$100.0m) 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (JP¥14.9b market cap, or US$100.0m). Upcoming Dividend • Sep 20
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 04 December 2024. Payout ratio is a comfortable 53% and this is well supported by cash flows. Trailing yield: 3.9%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.4%). Announcement • Sep 04
Cube System Inc. to Report Q2, 2025 Results on Nov 06, 2024 Cube System Inc. announced that they will report Q2, 2025 results on Nov 06, 2024 Reported Earnings • Aug 10
First quarter 2025 earnings released: EPS: JP¥10.43 (vs JP¥15.30 in 1Q 2024) First quarter 2025 results: EPS: JP¥10.43 (down from JP¥15.30 in 1Q 2024). Revenue: JP¥4.41b (flat on 1Q 2024). Net income: JP¥157.0m (down 32% from 1Q 2024). Profit margin: 3.6% (down from 5.3% in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 2% per year. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to JP¥970, the stock trades at a trailing P/E ratio of 13.8x. Average trailing P/E is 17x in the IT industry in Japan. Total returns to shareholders of 5.0% over the past three years. Buy Or Sell Opportunity • Aug 05
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to JP¥970. The fair value is estimated to be JP¥1,279, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.5% over the last 3 years. Earnings per share has grown by 2.7%. Declared Dividend • Jul 11
Final dividend of JP¥20.00 announced Shareholders will receive a dividend of JP¥20.00. Ex-date: 27th September 2024 Payment date: 4th December 2024 Dividend yield will be 3.5%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by both earnings (41% earnings payout ratio) and cash flows (62% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 10% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Jun 26
Full year 2024 earnings released: EPS: JP¥70.38 (vs JP¥70.31 in FY 2023) Full year 2024 results: EPS: JP¥70.38 (up from JP¥70.31 in FY 2023). Revenue: JP¥18.0b (up 10% from FY 2023). Net income: JP¥1.07b (up 7.9% from FY 2023). Profit margin: 5.9% (down from 6.1% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 5% per year. Announcement • Jun 14
Cube System Inc. to Report Q1, 2025 Results on Aug 07, 2024 Cube System Inc. announced that they will report Q1, 2025 results on Aug 07, 2024 Announcement • May 10
Cube System Inc., Annual General Meeting, Jun 21, 2024 Cube System Inc., Annual General Meeting, Jun 21, 2024. Reported Earnings • May 09
Full year 2024 earnings released: EPS: JP¥70.38 (vs JP¥70.31 in FY 2023) Full year 2024 results: EPS: JP¥70.38 (up from JP¥70.31 in FY 2023). Revenue: JP¥18.0b (up 10% from FY 2023). Net income: JP¥1.07b (up 7.9% from FY 2023). Profit margin: 5.9% (down from 6.1% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 4% per year. Buy Or Sell Opportunity • Mar 28
Now 22% undervalued The stock has been flat over the last 90 days, currently trading at JP¥1,095. The fair value is estimated to be JP¥1,399, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.3% over the last 3 years. Earnings per share has grown by 5.2%. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥15.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 05 June 2024. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (1.4%). Announcement • Mar 03
Cube System Inc. to Report Fiscal Year 2024 Results on May 08, 2024 Cube System Inc. announced that they will report fiscal year 2024 results on May 08, 2024 Reported Earnings • Feb 09
Third quarter 2024 earnings released: EPS: JP¥16.95 (vs JP¥17.05 in 3Q 2023) Third quarter 2024 results: EPS: JP¥16.95. Revenue: JP¥4.55b (up 12% from 3Q 2023). Net income: JP¥257.0m (up 7.1% from 3Q 2023). Profit margin: 5.6% (down from 5.9% in 3Q 2023). The decrease in margin was driven by higher expenses. Announcement • Dec 03
Cube System Inc. to Report Q3, 2024 Results on Feb 07, 2024 Cube System Inc. announced that they will report Q3, 2024 results on Feb 07, 2024 Reported Earnings • Nov 02
Second quarter 2024 earnings released: EPS: JP¥17.74 (vs JP¥15.89 in 2Q 2023) Second quarter 2024 results: EPS: JP¥17.74 (up from JP¥15.89 in 2Q 2023). Revenue: JP¥4.64b (up 16% from 2Q 2023). Net income: JP¥269.0m (up 25% from 2Q 2023). Profit margin: 5.8% (up from 5.4% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥15.00 per share at 2.5% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 04 December 2023. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (1.5%). Announcement • Sep 09
Cube System Inc. to Report Q2, 2024 Results on Nov 01, 2023 Cube System Inc. announced that they will report Q2, 2024 results on Nov 01, 2023 Reported Earnings • Aug 03
First quarter 2024 earnings released: EPS: JP¥15.30 (vs JP¥12.81 in 1Q 2023) First quarter 2024 results: EPS: JP¥15.30 (up from JP¥12.81 in 1Q 2023). Revenue: JP¥4.38b (up 12% from 1Q 2023). Net income: JP¥232.0m (up 34% from 1Q 2023). Profit margin: 5.3% (up from 4.4% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 5% per year. Announcement • Jun 02
Cube System Inc. to Report Q1, 2024 Results on Aug 02, 2023 Cube System Inc. announced that they will report Q1, 2024 results on Aug 02, 2023 Announcement • May 12
Cube System Inc., Annual General Meeting, Jun 23, 2023 Cube System Inc., Annual General Meeting, Jun 23, 2023. Reported Earnings • May 12
Full year 2023 earnings released: EPS: JP¥70.30 (vs JP¥69.78 in FY 2022) Full year 2023 results: EPS: JP¥70.30 (up from JP¥69.78 in FY 2022). Revenue: JP¥16.3b (up 1.4% from FY 2022). Net income: JP¥989.0m (up 4.8% from FY 2022). Profit margin: 6.1% (up from 5.9% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 18% per year. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥27.00 per share at 2.2% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 06 June 2023. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.7%). Reported Earnings • Feb 12
Third quarter 2023 earnings released: EPS: JP¥17.05 (vs JP¥18.82 in 3Q 2022) Third quarter 2023 results: EPS: JP¥17.05 (down from JP¥18.82 in 3Q 2022). Revenue: JP¥4.08b (up 2.5% from 3Q 2022). Net income: JP¥240.0m (down 5.5% from 3Q 2022). Profit margin: 5.9% (down from 6.4% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 14% per year and the company’s share price has also increased by 14% per year. Announcement • Dec 10
Cube System Inc. announced that it expects to receive ¥1.6463 billion in funding from Nomura Research Institute, Ltd. Cube System Inc. announced that it has entered into Capital and Business Alliance agreement for raising 1,630,000 common shares at a price of ¥1,010 per share for the gross proceeds of ¥1,646,300,000 on December 8, 2022. The transaction will include participation from Nomura Research Institute, Ltd. The transaction has been approved by the shareholders of the company. The shares are issued through third-party allotment method. The transaction is expected to close on December 27, 2022. Announcement • Dec 07
Cube System Inc. to Report Q3, 2023 Results on Feb 08, 2023 Cube System Inc. announced that they will report Q3, 2023 results on Feb 08, 2023 Board Change • Nov 16
Less than half of directors are independent Following 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 Hanae Nagata was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 05
Second quarter 2023 earnings released: EPS: JP¥15.89 (vs JP¥17.67 in 2Q 2022) Second quarter 2023 results: EPS: JP¥15.89 (down from JP¥17.67 in 2Q 2022). Revenue: JP¥4.00b (down 1.8% from 2Q 2022). Net income: JP¥215.0m (down 10.0% from 2Q 2022). Profit margin: 5.4% (down from 5.9% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥11.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 02 December 2022. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.7%). Announcement • Sep 07
Cube System Inc. to Report Q2, 2023 Results on Nov 02, 2022 Cube System Inc. announced that they will report Q2, 2023 results on Nov 02, 2022 Reported Earnings • Aug 04
First quarter 2023 earnings released: EPS: JP¥12.81 (vs JP¥19.28 in 1Q 2022) First quarter 2023 results: EPS: JP¥12.81 (down from JP¥19.28 in 1Q 2022). Revenue: JP¥3.89b (down 2.4% from 1Q 2022). Net income: JP¥173.0m (down 34% from 1Q 2022). Profit margin: 4.4% (down from 6.6% in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • Jun 08
Cube System Inc. to Report Q1, 2023 Results on Aug 03, 2022 Cube System Inc. announced that they will report Q1, 2023 results on Aug 03, 2022 Reported Earnings • May 13
Full year 2022 earnings released: EPS: JP¥69.77 (vs JP¥62.11 in FY 2021) Full year 2022 results: EPS: JP¥69.77 (up from JP¥62.11 in FY 2021). Revenue: JP¥16.1b (up 8.9% from FY 2021). Net income: JP¥944.0m (up 12% from FY 2021). Profit margin: 5.9% (up from 5.7% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • May 13
Cube System Inc., Annual General Meeting, Jun 24, 2022 Cube System Inc., Annual General Meeting, Jun 24, 2022. Board Change • Apr 27
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Outside Director Hidee Nagata was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Announcement • Apr 07
Cube System Inc. to Report Fiscal Year 2022 Results on May 11, 2022 Cube System Inc. announced that they will report fiscal year 2022 results on May 11, 2022 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥15.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 03 June 2022. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (1.5%).