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FINDEX Inc.
(3649)
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Rating:76Outperform
Price Target:
¥950.00
▲(15.29% Upside)
Action:Upgraded
Date:08/07/26
The score is led by strong financial performance—high and improving margins, strong ROE, and a near debt-free balance sheet—with valuation further supported by a ~3.2% dividend yield and a moderate P/E. This is tempered by mixed technicals, including short-term weakness versus the 20-day average and low Stoch momentum despite a generally positive longer-term trend.
Positive Factors
High and improving profitability
Sustained high margins (operating ~29%, net ~21% in 2025) and a multi-year expansion trend provide durable operating leverage. This supports recurring cash generation, funds for R&D/dividends, and resilience to cyclical revenue swings, strengthening long-term earnings quality.
Negative Factors
Uneven revenue growth
Inconsistent top-line history (periodic declines and flat years) complicates forecasting and strategic planning. Persistent uneven demand can stress capacity utilization and force margins to absorb revenue shortfalls, making sustained growth and long-term cash trajectory less predictable.
Read all positive and negative factors
Positive Factors
Negative Factors
High and improving profitability
Sustained high margins (operating ~29%, net ~21% in 2025) and a multi-year expansion trend provide durable operating leverage. This supports recurring cash generation, funds for R&D/dividends, and resilience to cyclical revenue swings, strengthening long-term earnings quality.
Read all positive factors
FINDEX Inc. (3649) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥20.95B
Dividend Yield3.18%
Average Volume (3M)83.21K
Price to Earnings (P/E)18.4
Beta (1Y)0.57
Revenue Growth6.39%
EPS Growth3.02%
CountryJP
Employees325
SectorGeneral
Sector StrengthN/A
IndustryMedical - Healthcare Information Services
Share Statistics
EPS (TTM)46.12
Shares Outstanding26,608,800
10 Day Avg. Volume59,320
30 Day Avg. Volume83,210
Financial Highlights & Ratios
PEG Ratio1.72
Price to Book (P/B)4.19
Price to Sales (P/S)3.73
P/FCF Ratio14.11
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)54.5
Revenue Forecast (FY)¥6.40B
FINDEX Inc. Business Overview & Revenue Model
Company Description
FINDEX Inc., a company established in Tokyo in 1985, focuses on the creation, production, and distribution of medical technology systems across Japan. Their portfolio features Claio, a comprehensive medical imaging database management system utili...
How the Company Makes Money
null...
FINDEX Inc. Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
92
Very Positive
Cash Flow
79
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.13B | 6.11B | 5.84B | 5.19B | 4.54B | 4.97B |
| Gross Profit | 4.02B | 3.98B | 3.55B | 3.33B | 2.72B | 2.56B |
| EBITDA | 2.02B | 2.09B | 1.83B | 1.78B | 1.32B | 1.25B |
| Net Income | 1.13B | 1.26B | 1.16B | 1.06B | 722.78M | 636.03M |
Balance Sheet | ||||||
| Total Assets | 6.92B | 6.81B | 6.69B | 5.94B | 4.98B | 4.56B |
| Cash, Cash Equivalents and Short-Term Investments | 2.47B | 1.68B | 1.73B | 2.69B | 2.41B | 2.17B |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 20.00M |
| Total Liabilities | 1.24B | 1.34B | 1.08B | 1.09B | 939.06M | 1.04B |
| Stockholders Equity | 5.65B | 5.44B | 5.60B | 4.84B | 4.04B | 3.51B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 1.62B | 1.87B | 559.87M | 621.08M | 681.02M |
| Operating Cash Flow | 0.00 | 1.65B | 1.90B | 842.84M | 693.85M | 750.35M |
| Investing Cash Flow | 0.00 | -297.86M | -2.43B | -296.94M | -230.16M | -490.37M |
| Financing Cash Flow | 0.00 | -1.41B | -412.54M | -270.49M | -142.02M | -186.34M |
FINDEX Inc. Technical Analysis
Negative
824.00
Price Trends
845.30
Negative
811.78
Positive
842.34
Negative
Market Momentum
-2.27
Positive
40.54
Neutral
9.72
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:3649, the sentiment is Negative. The current price of 824 is below the 20-day moving average (MA) of 857.50, below the 50-day MA of 845.30, and below the 200-day MA of 842.34, indicating a bearish trend. The MACD of -2.27 indicates Positive momentum. The RSI at 40.54 is Neutral, neither overbought nor oversold. The STOCH value of 9.72 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:3649.
FINDEX Inc. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | ¥1.19T | 26.06 | 11.45% | 1.16% | 15.76% | 13.53% | |
76 Outperform | ¥20.95B | 18.43 | ― | 1.75% | 6.39% | 3.02% | |
73 Outperform | ¥23.43B | 17.51 | ― | 1.39% | 13.74% | 30.76% | |
63 Neutral | ¥222.52B | 33.75 | ― | 0.43% | 18.89% | 11.66% | |
59 Neutral | ¥81.39B | 42.47 | 12.35% | ― | 24.03% | 34.50% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
JP:3649
FINDEX Inc.
850.00
40.18
4.96%
JP:2413
M3
1,789.50
-522.73
-22.61%
JP:4480
Medley
2,553.00
94.00
3.82%
JP:3939
Kanamic Network Co., LTD.
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FINDEX Inc. Corporate Events
FINDEX posts steady growth in key medical and public-sector software deployments
Jul 15, 2026
FINDEX Inc. reported preliminary implementation figures for its core healthcare and public-sector software products as of June 30, 2026, showing steady expansion in user institutions. Flagship data, document and archiving tools such as Claio, Docu...
FINDEX Issues Cautionary Notice on Q1 FY2026 Results Materials
May 14, 2026
FINDEX Inc. released supplementary information for its first-quarter fiscal 2026 business results, emphasizing that the materials are strictly for informational purposes and not a solicitation for any investment action. The company underscores tha...
FINDEX Posts Modest Q1 Growth, Lifts Dividend on Strong Balance Sheet
May 14, 2026
FINDEX Inc. posted a modest 2.0% year-on-year increase in first-quarter net sales to ¥1,989 million for the period ended March 31, 2026, while operating profit, ordinary profit and profit attributable to owners of parent all dipped slightly b...
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.