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SpiderPlus & Co.
(4192)
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Rating:55Neutral
Price Target:
¥336.00
▲(15.07% Upside)
Action:Reiterated
Date:08/17/26
The score is driven primarily by improving financial performance (growth, strong margins, and a shift to positive operating/free cash flow in 2025), but capped by still-unproven profitability and a demanding valuation (very high P/E). Technicals are mildly supportive near-term, though the longer-term trend remains a constraint with the stock below the 200-day average.
Positive Factors
Recurring subscription business model
Recurring subscription fees can create a durable revenue base when corporate customers continue using the platform for field documentation and reporting. Retention and broader usage within construction and facility-management workflows may support predictable growth and improve the quality of future revenue.
Negative Factors
Profitability remains unproven
Despite improving margins, the company has not yet demonstrated consistent operating or net profitability. Continued losses could limit internal investment capacity, delay the realization of software operating leverage, and make future performance more dependent on successfully sustaining revenue growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring subscription business model
Recurring subscription fees can create a durable revenue base when corporate customers continue using the platform for field documentation and reporting. Retention and broader usage within construction and facility-management workflows may support predictable growth and improve the quality of future revenue.
Read all positive factors
SpiderPlus & Co. (4192) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥11.66B
Dividend YieldN/A
Average Volume (3M)175.05K
Price to Earnings (P/E)183.5
Beta (1Y)0.85
Revenue Growth14.52%
EPS GrowthN/A
CountryJP
Employees260
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)1.79
Shares Outstanding35,551,334
10 Day Avg. Volume117,380
30 Day Avg. Volume175,050
Financial Highlights & Ratios
PEG Ratio6.10
Price to Book (P/B)3.88
Price to Sales (P/S)2.11
P/FCF Ratio163.44
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)17.8
Revenue Forecast (FY)¥7.15B
SpiderPlus & Co. Business Overview & Revenue Model
Company Description
Headquartered in Tokyo, Japan, SpiderPlus & Co. is an information and communication technology (ICT) firm established in 1997. The company's core offering is SPIDERPLUS, a dedicated application for drawing and site management tailored for the Japa...
How the Company Makes Money
SpiderPlus & Co. primarily makes money by providing its SPIDERPLUS software as a subscription service (i.e., recurring usage fees) to corporate customers that need to manage fieldwork documentation and reporting. Revenue is therefore mainly driven...
SpiderPlus & Co. Financial Statement Overview
Summary
Income Statement
55
Neutral
Balance Sheet
68
Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.18B | 4.90B | 4.07B | 3.19B | 2.48B | 2.21B |
| Gross Profit | 3.83B | 3.62B | 2.77B | 2.07B | 1.52B | 1.26B |
| EBITDA | 265.43M | 149.76M | -589.25M | -281.10M | -901.27M | -475.78M |
| Net Income | 62.97M | -17.36M | -771.66M | -463.35M | -1.04B | -511.67M |
Balance Sheet | ||||||
| Total Assets | 4.08B | 4.16B | 4.21B | 4.60B | 4.79B | 5.43B |
| Cash, Cash Equivalents and Short-Term Investments | 2.26B | 2.48B | 2.74B | 2.85B | 3.04B | 4.20B |
| Total Debt | 757.81M | 836.68M | 1.03B | 504.44M | 450.67M | 178.12M |
| Total Liabilities | 1.37B | 1.50B | 1.57B | 1.21B | 1.11B | 804.21M |
| Stockholders Equity | 2.71B | 2.66B | 2.65B | 3.39B | 3.68B | 4.62B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 63.18M | -387.38M | -413.56M | -1.71B | -854.95M |
| Operating Cash Flow | 0.00 | 78.89M | -369.09M | -331.22M | -1.00B | -493.48M |
| Investing Cash Flow | 0.00 | -181.98M | -52.41M | -85.01M | -508.68M | -610.36M |
| Financing Cash Flow | 0.00 | -158.63M | 322.64M | 217.61M | 363.05M | 4.83B |
SpiderPlus & Co. Technical Analysis
Positive
292.00
Price Trends
285.86
Positive
282.77
Positive
286.13
Positive
Market Momentum
9.02
Negative
70.61
Negative
94.64
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:4192, the sentiment is Positive. The current price of 292 is below the 20-day moving average (MA) of 293.85, above the 50-day MA of 285.86, and above the 200-day MA of 286.13, indicating a bullish trend. The MACD of 9.02 indicates Negative momentum. The RSI at 70.61 is Negative, neither overbought nor oversold. The STOCH value of 94.64 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:4192.
SpiderPlus & Co. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | ¥10.44B | 9.26 | ― | 1.80% | 12.61% | 49.51% | |
76 Outperform | ¥10.95B | 16.37 | ― | 3.02% | 15.39% | 23.76% | |
67 Neutral | ¥8.14B | 49.04 | ― | ― | 7.04% | -67.36% | |
63 Neutral | ¥15.22B | 20.85 | ― | ― | 14.06% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
60 Neutral | ¥38.14B | 81.59 | ― | ― | 22.56% | ― | |
55 Neutral | ¥11.66B | 183.48 | ― | ― | 14.52% | ― |
* Technology Sector Average
JP:4192
SpiderPlus & Co.
328.00
-110.00
-25.11%
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42.45%
SpiderPlus & Co. Corporate Events
SpiderPlus Q&A Highlights Alliances, AI Strategy and Portfolio Adjustments
Aug 19, 2026
SpiderPlus Co. has released a transcript of a QA session tied to its FY2026 second-quarter results briefing, highlighting management’s discussion of macroeconomic impacts, competitive dynamics, and the company’s technology-led growth ...
SpiderPlus & Co. Eyes Growth Amid Rising Japan Construction Investment
Aug 19, 2026
SpiderPlus Co. reported its FY2026 second-quarter results against a backdrop of robust expansion in Japan’s construction investment outlook. Spending in the sector is expected to grow from 68 trillion yen in FY2025 to 84 trillion yen by FY2...
SpiderPlus Highlights DX-Driven Strategy in FY2026 Q2 Briefing
Aug 19, 2026
SpiderPlus Co. has released its FY2026 second-quarter financial results briefing materials, dated August 19, 2026, providing an overview of the company’s performance and outlook. The disclosure underscores SpiderPlus’s continued empha...
SpiderPlus Records Extraordinary Loss on Impaired Development Investments
Aug 12, 2026
SpiderPlus Co. has booked an extraordinary loss for the six months ended June 30, 2026, after determining that part of a prior investment in operational streamlining projects is no longer recoverable. The impairment loss, totaling 38,786 thousand...
SpiderPlus & Co. Returns to Profit as Sales Rise and Balance Sheet Strengthens
Aug 12, 2026
SpiderPlus Co. reported consolidated net sales of ¥2,642 million for the six months ended June 30, 2026, up 12.0% year on year, with operating income and ordinary income both turning positive at ¥89 million. Net income attributable to o...
SpiderPlus launches restricted stock plan to tie employee pay to long-term value
Jul 24, 2026
SpiderPlus Co. has approved the introduction of a restricted stock remuneration plan for its employees, separate from an existing scheme for directors, as part of its efforts to align staff incentives with shareholders and support medium- to long...
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.