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CERES INC.
(3696)
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Rating:67Neutral
Price Target:
¥2,403.00
▲(23.67% Upside)
Action:Downgraded
Date:09/28/26
The score is driven primarily by a moderate financial profile: profitability has improved meaningfully, but 2025 revenue softness and historically inconsistent cash conversion temper confidence. Technicals add support via a clear uptrend and positive momentum, while valuation is favorable with a modest P/E and a ~2.7% dividend yield.
Positive Factors
Profitability Recovery
The recovery in net margin and sustained high-single-digit operating profitability indicate that earnings power has improved materially from the 2022 trough. If maintained, stronger profitability can support reinvestment, resilience, and more dependable earnings over the next several quarters.
Negative Factors
2025 Revenue Decline
The 2025 revenue decline interrupts the strong growth achieved in the prior two years and introduces uncertainty about the durability of demand. Uneven top-line performance can limit operating leverage, make profit recovery harder to sustain, and reduce visibility into future growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability Recovery
The recovery in net margin and sustained high-single-digit operating profitability indicate that earnings power has improved materially from the 2022 trough. If maintained, stronger profitability can support reinvestment, resilience, and more dependable earnings over the next several quarters.
Read all positive factors
CERES INC. (3696) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥24.87B
Dividend Yield2.8%
Average Volume (3M)96.59K
Price to Earnings (P/E)11.9
Beta (1Y)0.75
Revenue Growth7.11%
EPS Growth-12.85%
CountryJP
Employees351
SectorIndustrials
Sector Strength72
IndustryConglomerates
Share Statistics
EPS (TTM)178.54
Shares Outstanding12,187,300
10 Day Avg. Volume49,270
30 Day Avg. Volume96,590
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)506.5
Revenue Forecast (FY)¥35.76B
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...
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 | 32.57B | 29.66B | 27.71B | 24.07B | 20.54B | 23.40B |
| Gross Profit | 14.09B | 12.78B | 13.13B | 10.38B | 7.88B | 7.66B |
| EBITDA | 3.85B | 2.83B | 2.68B | 1.65B | 1.62B | 2.60B |
| Net Income | 2.06B | 2.50B | 1.48B | 451.15M | 46.61M | 2.78B |
Balance Sheet | ||||||
| Total Assets | 39.87B | 37.50B | 33.09B | 25.99B | 22.67B | 20.28B |
| Cash, Cash Equivalents and Short-Term Investments | 13.90B | 15.69B | 14.13B | 11.11B | 9.32B | 9.26B |
| Total Debt | 10.86B | 9.42B | 9.54B | 7.36B | 5.89B | 4.22B |
| Total Liabilities | 25.93B | 23.54B | 20.37B | 15.94B | 12.98B | 10.46B |
| Stockholders Equity | 13.32B | 13.30B | 11.15B | 9.19B | 8.88B | 9.08B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 1.77B | 54.80M | 962.95M | 363.08M | 1.75B |
| Operating Cash Flow | 0.00 | 1.99B | 379.63M | 1.23B | 487.00M | 1.82B |
| Investing Cash Flow | 0.00 | 824.53M | 764.72M | -738.91M | -1.69B | -787.23M |
| Financing Cash Flow | 0.00 | -1.06B | 1.98B | 1.23B | 1.19B | 408.15M |
CERES INC. Technical Analysis
Neutral
1943.00
Price Trends
2153.16
Negative
2024.48
Positive
1875.85
Positive
Market Momentum
3.94
Positive
48.36
Neutral
46.09
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:3696, the sentiment is Neutral. The current price of 1943 is below the 20-day moving average (MA) of 2167.25, below the 50-day MA of 2153.16, and above the 200-day MA of 1875.85, indicating a neutral trend. The MACD of 3.94 indicates Positive momentum. The RSI at 48.36 is Neutral, neither overbought nor oversold. The STOCH value of 46.09 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | ¥195.37B | 16.38 | ― | 8.35% | -3.25% | -0.51% | |
71 Outperform | ¥272.95B | 14.08 | ― | 3.42% | 4.67% | 9.51% | |
67 Neutral | ¥24.87B | 11.88 | ― | 4.27% | 7.11% | -12.85% | |
65 Neutral | ¥201.71B | 12.87 | 9.48% | 3.26% | 9.01% | 33.08% | |
64 Neutral | ¥4.48B | 10.18 | ― | 3.01% | 8.83% | 31.80% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
50 Neutral | ¥320.14B | -7.59 | -10.89% | 3.01% | -14.22% | -282.16% |
* Industrials Sector Average
JP:3696
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CERES INC. Corporate Events
Ceres Launches Crypto-Based Shareholder Rewards to Boost CoinTrade Platform
Aug 24, 2026
Ceres Inc. has approved a new shareholder benefits program for the fiscal year ending December 31, 2026, granting eligible investors Ethereum and Zipangcoin via the CoinTrade exchange operated by its subsidiary Mercury Inc. Shareholders holding at...
Ceres Releases Q2 and First-Half FY2026 Results Across Mobile and Financial Units
Aug 13, 2026
Ceres Inc. reported its consolidated results for the second quarter and first half of fiscal 2026, outlining performance across its core operations. The release highlights results by segment for the mobile service business and the financial servic...
Ceres Posts Higher Sales and Operating Profit but Lower Interim Net Income, Lifts Full-Year Outlook
Aug 13, 2026
Ceres Inc. reported consolidated net sales of ¥18.76 billion for the six months ended June 30, 2026, up 18.4% year on year, with operating profit jumping 57.5% to ¥2.30 billion and ordinary profit surging 84.2% to ¥1.97 billion. How...
CERES Lifts 2026 Earnings Outlook on Strong Point Business and SQUIZ Contribution
Jul 30, 2026
CERES INC. has raised its full-year 2026 consolidated earnings forecast, projecting higher net sales and profit than previously guided, as strong performance in its Point business and the consolidation of SQUIZ Inc. drive growth. The company now e...
CERES Builds Strategic Stake in Link-U Group Through Share Acquisition
Jun 30, 2026
CERES INC. has resolved to acquire shares of Link-U Group Inc. via Apollo Capital Contents I Investment Limited Partnership, where its subsidiary Apollo Capital Inc. serves as general partner. The transaction targets 1,220,550 common shares, repre...
Ceres launches specified CVC fund to deepen investments in internet content
Jun 30, 2026
Ceres Inc. has approved the establishment of the Apollo Capital Contents I Investment Limited Partnership, with its subsidiary Apollo Capital Inc. serving as general partner and Ceres as the principal limited partner. The fund, capitalized at ...
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.