TSUKURUBA, Inc. (2978) AI Stock Analysis

TSUKURUBA, Inc.

(TSE/TYO:2978)

Select Model

Rating:42Neutral

Price Target:JPY 274.00▼(-3.18% Downside)

Action:upgraded

Date:09/15/26

The overall score is constrained by weak cash flow generation and compressed profitability, which are the most significant risks. Technical trends are bearish, and the valuation offers no compelling support. The company's revenue growth and improving balance sheet are positive but insufficient to offset the fundamental concerns.

Positive Factors

Revenue GrowthRapid revenue expansion indicates that TSUKURUBA is increasing activity across its residential real-estate services. If this scale is sustained, the larger transaction base can support broader platform utilization, reinforce market presence, and provide a foundation for improving earnings over the next several quarters.

Negative Factors

Rising LeverageHigher leverage increases financial sensitivity for a real-estate-services business, particularly when earnings remain modest. The rise in debt relative to equity can constrain financial flexibility, increase dependence on successful execution, and leave fewer balance-sheet resources available for investment or unexpected operating pressure.

TSUKURUBA, Inc. (2978) vs. iShares MSCI Japan ETF (EWJ)

Market Cap: JPY 3.40B
Dividend Yield: ―
Average Volume (3M): 6,435
Price to Earnings (P/E): 25.8
Beta (1Y): 0.36
Revenue Growth: 39.66%
EPS Growth: 11.78%
Country: Japan
Employees: 235
Sector: General
Sector Strength: 55
Industry: Real Estate - Services

TSUKURUBA, Inc. Business Overview & Revenue Model

Company Description

Tsukuruba Inc. specializes in technology-driven services for the real estate sector. A key initiative is their creation of cowcamo, a digital brokerage platform tailored for pre-owned and refurbished properties. Beyond this, they extend their experti...

How the Company Makes Money

The company generates revenue primarily from its residential real-estate transaction platform and related services. Key revenue streams include (1) fees or commissions earned when property transactions are facilitated through its marketplace (e.g., b...

TSUKURUBA, Inc. Financial Statement Overview

Summary

Financial performance is mixed. Revenue growth is strong, but profitability is severely compressed with razor-thin margins. The balance sheet is improving, but cash flow remains negative, indicating weak conversion of profits into cash. The overall financial health is constrained by persistent free cash flow deficits.

Income Statement

45Neutral

Balance Sheet

55Neutral

Cash Flow

20Very Negative

Financial statement breakdown
Breakdown	TTM	Jul 2026	Jul 2025	Jul 2024	Jul 2023	Jul 2022
Income Statement
Total Revenue	11.31B	11.31B	8.10B	5.48B	4.15B	2.77B
Gross Profit	3.89B	3.89B	3.54B	2.82B	2.52B	1.84B
EBITDA	190.82M	192.95M	231.85M	250.97M	-111.13M	-773.45M
Net Income	127.43M	127.43M	106.64M	215.66M	-165.52M	-822.42M
Balance Sheet
Total Assets	6.21B	6.21B	6.14B	4.22B	3.06B	2.88B
Cash, Cash Equivalents and Short-Term Investments	1.69B	1.69B	1.87B	1.92B	1.77B	1.65B
Total Debt	3.38B	3.38B	3.65B	2.12B	1.19B	1.64B
Total Liabilities	4.02B	4.02B	4.21B	2.42B	1.55B	1.97B
Stockholders Equity	2.19B	2.19B	1.93B	1.80B	1.51B	909.61M
Cash Flow
Free Cash Flow	0	-75.04M	-1.50B	-939.00M	-94.33M	-1.11B
Operating Cash Flow	0	16.09M	-1.48B	-900.55M	-85.48M	-1.03B
Investing Cash Flow	0	-105.80M	-76.00M	81.07M	-59.26M	-108.78M
Financing Cash Flow	0	-95.58M	1.50B	954.28M	263.01M	544.46M

TSUKURUBA, Inc. Technical Analysis

Technical Analysis SentimentNegative

Last Price283.00

Price Trends

50DMA323.04Negative

100DMA336.52Negative

200DMA384.41Negative

Market Momentum

MACD-8.68Positive

RSI29.11Positive

STOCH28.78Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:2978, the sentiment is Negative. The current price of 283.00 is below the 20-day moving average (MA) of 306.45, below the 50-day MA of 323.04, and below the 200-day MA of 384.41, indicating a bearish trend. The MACD of -8.68 indicates Positive momentum. The RSI at 29.11 is Positive, neither overbought nor oversold. The STOCH value of 28.78 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:2978.

TSUKURUBA, Inc. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

JP:2978 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
JP:8996	72Outperform	JPY 4.48B	4.64	―	4.95%	18.08%	89.27%
JP:8944	69Neutral	JPY 5.02B	2.79	―	2.37%	65.37%	―
JP:4445	64Neutral	JPY 4.57B	31.63	―	―	3.83%	-45.88%
JP:4487	58Neutral	JPY 2.54B	13.52	―	―	28.76%	-20.95%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
JP:3238	44Neutral	JPY 3.55B	5.24	―	1.36%	30.03%	34.91%
JP:2978	42Neutral	JPY 3.34B	25.77	―	―	39.66%	11.78%

* General Sector Average

Performance Comparison

JP:2978 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
JP:2978	TSUKURUBA, Inc.	285.00	-185.00	-39.36%
JP:3238	Central General Development Co., Ltd.	367.00	-42.49	-10.38%
JP:4445	Living Technologies, Inc.	1699.00	-58.50	-3.33%
JP:4487	Space Market, Inc.	210.00	-112.00	-34.78%
JP:8944	Land Business Co., Ltd.	253.00	26.50	11.70%
JP:8996	HouseFreedom Co., Ltd.	1110.00	203.07	22.39%

TSUKURUBA, Inc. Corporate Events

TSUKURUBA Boosts Sales and Equity but Faces Margin Pressure in FY2026

Sep 14, 2026

TSUKURUBA, Inc. reported robust top-line growth for the fiscal year ended July 31, 2026, with net sales rising 39.7% to ¥11,310 million. However, profitability weakened as operating profit fell 38.1% to ¥169 million and ordinary profit drop...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Sep 15, 2026

TSUKURUBA, Inc. AI Stock Analysis