CERES INC. (JP:3696)
:3696
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CERES INC.
(3696)
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Rating:72Outperform
Price Target:
¥1,986.00
▲(2.21% Upside)
Action:Upgraded
Date:05/02/26
The score is driven primarily by attractive valuation (very low P/E and a solid dividend yield) and strong trend signals (price above major moving averages, positive MACD). Offsetting these positives are only moderate financial quality due to a 2025 revenue dip, margins still below prior-cycle highs, and historically inconsistent cash conversion despite improvement in 2025.
Positive Factors
Improved profitability / ROE
The rebound to ~8% net margin and ~19% ROE in 2025 signals sustainably stronger earnings power versus the 2022 trough. Higher returns improve internal funding for growth and dividends, increasing resilience and compounding potential across business cycles.
Negative Factors
Revenue volatility
Top-line volatility and a modest 2025 revenue slip indicate uneven demand or product mix risk. Persistent revenue swings complicate forecasting, capital planning and margin preservation, making long-term growth less predictable and raising execution risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved profitability / ROE
The rebound to ~8% net margin and ~19% ROE in 2025 signals sustainably stronger earnings power versus the 2022 trough. Higher returns improve internal funding for growth and dividends, increasing resilience and compounding potential across business cycles.
Read all positive factors
CERES INC. (3696) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥20.79B
Dividend Yield2.88%
Average Volume (3M)308.36K
Price to Earnings (P/E)5.8
Beta (1Y)1.13
Revenue Growth9.84%
EPS Growth498.99%
CountryJP
Employees669
SectorIndustrials
Sector Strength72
IndustryConglomerates
Share Statistics
EPS (TTM)204.94
Shares Outstanding12,187,300
10 Day Avg. Volume204,940
30 Day Avg. Volume308,363
Financial Highlights & Ratios
PEG Ratio0.13
Price to Book (P/B)1.68
Price to Sales (P/S)0.76
P/FCF Ratio12.67
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)144.7
Revenue Forecast (FY)N/A
CERES INC. Business Overview & Revenue Model
Company Description
Established in Tokyo, Japan, in 2005, Ceres Inc. specializes in mobile and financial services. The company's offerings include Moppy, a prominent smartphone advertising platform where users accrue points redeemable for cash or digital currency. Be...
How the Company Makes Money
Ceres Inc. generates revenue through its affiliate marketing and digital advertising services, where it facilitates online promotions and campaigns for various businesses and earns fees based on performance or ad placements. Additionally, the comp...
CERES INC. Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
62
Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 30.41B | 29.66B | 27.71B | 24.07B | 20.54B | 23.40B |
| Gross Profit | 13.74B | 12.78B | 13.13B | 10.38B | 7.88B | 7.66B |
| EBITDA | 3.32B | 2.83B | 2.68B | 1.65B | 1.62B | 2.60B |
| Net Income | 2.36B | 2.50B | 1.48B | 451.15M | 46.61M | 2.78B |
Balance Sheet | ||||||
| Total Assets | 32.28B | 37.50B | 33.09B | 25.99B | 22.67B | 20.28B |
| Cash, Cash Equivalents and Short-Term Investments | 13.20B | 15.69B | 14.13B | 11.11B | 9.32B | 9.26B |
| Total Debt | 7.56B | 9.42B | 9.54B | 7.36B | 5.89B | 4.22B |
| Total Liabilities | 19.60B | 23.54B | 20.37B | 15.94B | 12.98B | 10.46B |
| Stockholders Equity | 12.05B | 13.30B | 11.15B | 9.19B | 8.88B | 9.08B |
Cash Flow | ||||||
| Free Cash Flow | 1.26B | 1.77B | 54.80M | 962.95M | 363.08M | 1.75B |
| Operating Cash Flow | 1.32B | 1.99B | 379.63M | 1.23B | 487.00M | 1.82B |
| Investing Cash Flow | 776.00M | 824.53M | 764.72M | -738.91M | -1.69B | -787.23M |
| Financing Cash Flow | -2.85B | -1.06B | 1.98B | 1.23B | 1.19B | 408.15M |
CERES INC. Technical Analysis
Positive
1943.00
Price Trends
1664.58
Positive
1694.94
Positive
1948.39
Negative
Market Momentum
22.56
Positive
51.46
Neutral
38.72
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:3696, the sentiment is Positive. The current price of 1943 is above the 20-day moving average (MA) of 1825.80, above the 50-day MA of 1664.58, and below the 200-day MA of 1948.39, indicating a neutral trend. The MACD of 22.56 indicates Positive momentum. The RSI at 51.46 is Neutral, neither overbought nor oversold. The STOCH value of 38.72 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:3696.
CERES INC. Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | ¥225.98B | 15.81 | 8.27% | 2.68% | 3.42% | 13.11% | |
73 Outperform | ¥155.80B | 12.12 | ― | 2.66% | -4.58% | 51.25% | |
72 Outperform | ¥20.79B | 5.82 | ― | 2.88% | 9.84% | 498.99% | |
71 Outperform | ¥223.52B | 11.65 | ― | 3.90% | 1.23% | 11.14% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | ¥4.40B | 10.22 | ― | 2.79% | 4.46% | 21.15% | |
46 Neutral | ¥311.77B | -3.56 | -20.43% | 3.72% | -13.16% | -410.43% |
* Industrials Sector Average
JP:3696
CERES INC.
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CERES INC. Corporate Events
Ceres Advances Share Buyback, Acquires 153,800 Treasury Shares in May
Jun 1, 2026
Ceres Inc. has moved ahead with a previously approved share buyback program, acquiring 153,800 of its own common shares on the Tokyo Stock Exchange between May 1 and May 29, 2026, at a total cost of ¥286,963,300. The purchases, executed under...
Ceres Launches Share Buyback of Up to ¥500 Million
Apr 30, 2026
Ceres Inc. has authorized a new share buyback program, with its board approving the acquisition of up to 350,000 common shares, equivalent to 2.98% of its outstanding stock excluding treasury shares, at a total cost of up to ¥500 million. The...
Ceres Releases Q1 FY2026 Results for Mobile and Financial Services
Apr 30, 2026
Ceres Inc. announced that it has released its consolidated financial results for the first quarter of fiscal year 2026. The disclosure indicates performance details for the overall group and provides a breakdown by its mobile service and financial...
CERES Posts Sharp Q1 Profit Recovery and Confirms 2026 Outlook
Apr 30, 2026
CERES Inc. reported strong consolidated results for the first quarter of fiscal 2026, with net sales rising 23.9% year on year to ¥9.52 billion and operating profit more than doubling. Profit attributable to owners of the parent swung from a ...
Ceres Uses Treasury Share Disposal to Complete SQUIZ Subsidiary Deal
Apr 17, 2026
Ceres Inc. has completed the disposal of 211,416 treasury shares through a third-party allotment to two individual investors, Tomoaki Hirano and Ryo Atake, following a board resolution on April 1, 2026. The transaction, priced at 1,419 yen per sha...
Ceres Takes Control of SQUIZ to Expand Online Healthcare Platform
Apr 1, 2026
Ceres Inc. has moved to deepen its presence in online healthcare by acquiring a 90 percent stake in SQUIZ Co., Ltd., an online medical platform, for ¥3.6 billion as of April 1, 2026. This transaction follows a minority investment made in July...
Ceres to Make Online Medical Operator SQUIZ a Subsidiary via Share Deal
Apr 1, 2026
Ceres Inc. will acquire 90% of online medical services operator SQUIZ Co., Ltd., turning it into a subsidiary, and will use a disposal of treasury shares via third-party allotment as part of the consideration. The move aims to reinforce Ceres̵...
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.