AltPlus Inc. (3672) AI Stock Analysis

AltPlus Inc.

(TSE/TYO:3672)

Select Model

Rating:37Underperform

Price Target:JPY 18.00▼(-10.00% Downside)

Action:downgraded

Date:10/24/26

The stock scores at the absolute minimum of 37, reflecting a convergence of critical risks. The primary driver is the company's dire financial performance, marked by collapsing revenues, persistent losses, and chronic cash burn. This is compounded by a deeply bearish technical profile with the stock in freefall across all timeframes. The negative P/E ratio and lack of dividend yield offer no valuation floor. The recent equity raise on the balance sheet is the only minor positive but is insufficient to offset the overwhelming operational and market headwinds.

Positive Factors

Debt-free balance sheetThe absence of debt reduces refinancing obligations and interest-rate exposure, giving AltPlus greater financial flexibility than a similarly loss-making company with leverage. This structure can help preserve operating capacity and provide more time to address the underlying business challenges.

Negative Factors

Multi-year revenue contractionThe multi-year revenue decline indicates weakening commercial scale rather than a temporary quarterly fluctuation. A smaller revenue base limits operating leverage, reduces resources available for investment, and makes it harder for AltPlus to spread fixed costs or rebuild sustainable earnings.

AltPlus Inc. (3672) vs. iShares MSCI Japan ETF (EWJ)

Market Cap: JPY 1.72B
Dividend Yield: ―
Average Volume (3M): 264.00K
Price to Earnings (P/E): -2.0
Beta (1Y): 0.87
Revenue Growth: -7.14%
EPS Growth: 47.41%
Country: Japan
Employees: 199
Sector: Communication Services
Sector Strength: 60
Industry: Electronic Gaming & Multimedia

AltPlus Inc. Business Overview & Revenue Model

Company Description

Established in 2010, AltPlus Inc. is a Tokyo, Japan-based company specializing in the conceptualization, creation, and ongoing management of social games. The firm additionally offers development and operational assistance for various IT services.

AltPlus Inc. Financial Statement Overview

Summary

Severe financial distress: Revenue has collapsed over 60% from its peak, gross margins are razor-thin at ~6%, and the company has sustained consistent operating and net losses. Operating cash flow has been negative for six straight years, with an annual burn of ~¥500 million. The only mitigating factor is a debt-free balance sheet with a recent equity injection, but this does not offset the critical operational decline.

Income Statement

12Very Negative

Balance Sheet

30Negative

Cash Flow

15Very Negative

Financial statement breakdown
Breakdown	TTM	Sep 2025	Sep 2024	Sep 2023	Sep 2022	Sep 2021
Income Statement
Total Revenue	2.72B	2.90B	3.52B	4.39B	6.00B	7.29B
Gross Profit	99.33M	174.04M	214.94M	373.39M	228.03M	487.68M
EBITDA	-564.68M	-464.97M	-450.31M	-557.40M	-795.60M	-521.97M
Net Income	-651.96M	-434.66M	-452.27M	-420.60M	-780.44M	-388.79M
Balance Sheet
Total Assets	2.03B	1.75B	1.54B	1.90B	1.97B	2.92B
Cash, Cash Equivalents and Short-Term Investments	777.92M	863.51M	766.13M	847.35M	783.87M	1.52B
Total Debt	0	0	0	0	116.67M	171.67M
Total Liabilities	719.45M	733.51M	763.77M	943.53M	1.04B	1.22B
Stockholders Equity	1.31B	1.01B	774.32M	950.46M	928.01M	1.69B
Cash Flow
Free Cash Flow	-575.35M	-575.35M	-411.23M	-456.15M	-731.36M	-64.09M
Operating Cash Flow	-573.01M	-573.01M	-410.77M	-452.04M	-710.62M	-63.84M
Investing Cash Flow	19.09M	19.09M	62.97M	309.42M	94.24M	-317.40M
Financing Cash Flow	651.30M	651.30M	266.58M	326.38M	-54.00M	126.67M

AltPlus Inc. Technical Analysis

Technical Analysis SentimentNegative

Last Price20.00

Price Trends

50DMA27.24Negative

100DMA27.35Negative

200DMA34.66Negative

Market Momentum

MACD-2.18Positive

RSI25.43Positive

STOCH13.69Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:3672, the sentiment is Negative. The current price of 20.00 is below the 20-day moving average (MA) of 24.75, below the 50-day MA of 27.24, and below the 200-day MA of 34.66, indicating a bearish trend. The MACD of -2.18 indicates Positive momentum. The RSI at 25.43 is Positive, neither overbought nor oversold. The STOCH value of 13.69 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:3672.

AltPlus Inc. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (60)

Financial Indicators

JP:3672 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
JP:3911	70Outperform	JPY 10.09B	8.43	―	―	-20.04%	-54.97%
JP:3793	66Neutral	JPY 13.16B	4.24	―	―	4.52%	―
Sector *	60Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
JP:3928	50Neutral	JPY 2.15B	-20.48	―	―	-6.91%	-173.90%
JP:3903	49Neutral	JPY 9.59B	-5.66	―	―	26.98%	-143.29%
JP:3656	45Neutral	JPY 12.64B	15.26	―	―	10.54%	―
JP:3672	37Underperform	JPY 1.72B	-2.02	―	―	-7.14%	47.41%

* Communication Services Sector Average

Performance Comparison

JP:3672 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
JP:3672	AltPlus Inc.	19.00	-48.00	-71.64%
JP:3656	KLab Inc.	152.00	-57.00	-27.27%
JP:3793	Drecom Co., Ltd.	453.00	-5.00	-1.09%
JP:3903	gumi, Inc.	178.00	-261.00	-59.45%
JP:3911	Aiming, Inc.	216.00	-3.00	-1.37%
JP:3928	Mynet, Inc.	228.00	3.00	1.33%

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: Oct 24, 2026

AltPlus Inc. AI Stock Analysis