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Welby Inc.
(4438)
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Rating:43Neutral
Price Target:
¥240.00
▼(-13.98% Downside)
Action:Reiterated
Date:06/05/26
The score is primarily weighed down by weak financial performance: large ongoing losses, negative free cash flow, and increased leverage outweigh the 2025 revenue rebound and strong gross margins. Technicals add only modest support due to a short-term bounce below key longer-term averages, while valuation is constrained by a negative P/E and no indicated dividend yield.
Positive Factors
High gross margins
Sustained gross margins near 71% indicate strong unit economics and pricing power in core services. That margin profile provides durable operating leverage potential if overheads are controlled, supporting longer-term profitability once operating losses are addressed.
Negative Factors
Large persistent net losses
A very large negative net margin (~-85%) signals deep structural unprofitability. Persistent heavy losses erode equity, constrain reinvestment, and make it hard to achieve sustainable return on capital without meaningful and sustained operating improvement.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross margins
Sustained gross margins near 71% indicate strong unit economics and pricing power in core services. That margin profile provides durable operating leverage potential if overheads are controlled, supporting longer-term profitability once operating losses are addressed.
Read all positive factors
Welby Inc. (4438) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥2.10B
Dividend YieldN/A
Average Volume (3M)3.91K
Price to Earnings (P/E)―
Beta (1Y)1.16
Revenue Growth18.86%
EPS Growth38.80%
CountryJP
Employees54
SectorGeneral
Sector StrengthN/A
IndustryMedical - Healthcare Information Services
Share Statistics
EPS (TTM)-90.03
Shares Outstanding8,435,582
10 Day Avg. Volume3,070
30 Day Avg. Volume3,910
Financial Highlights & Ratios
PEG Ratio0.13
Price to Book (P/B)8.48
Price to Sales (P/S)3.63
P/FCF Ratio-6.95
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)N/A
Revenue Forecast (FY)N/A
Welby Inc. Business Overview & Revenue Model
Company Description
Established in Tokyo, Japan, in 2011, Welby Inc. specializes in developing digital healthcare solutions aimed at enhancing patients' access to and engagement with medical services. The company's extensive portfolio addresses a wide array of health...
Welby Inc. Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
34
Negative
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 630.81M | 635.72M | 528.04M | 575.00M | 1.05B | 1.14B |
| Gross Profit | 455.08M | 448.67M | 379.92M | 376.00M | 755.44M | 683.91M |
| EBITDA | -564.74M | -423.57M | -792.75M | -499.97M | 40.29M | -127.70M |
| Net Income | -744.65M | -539.69M | -804.60M | -505.00M | 33.91M | -130.68M |
Balance Sheet | ||||||
| Total Assets | 966.27M | 1.05B | 1.17B | 1.21B | 1.40B | 1.39B |
| Cash, Cash Equivalents and Short-Term Investments | 567.83M | 711.43M | 740.43M | 883.00M | 830.82M | 960.72M |
| Total Debt | 235.00M | 605.71M | 200.00M | 1.21M | 8.35M | 15.49M |
| Total Liabilities | 365.43M | 747.89M | 328.90M | 88.00M | 121.40M | 134.83M |
| Stockholders Equity | 565.27M | 272.33M | 810.02M | 1.09B | 1.27B | 1.26B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -332.29M | -776.25M | -177.00M | -146.86M | -115.46M |
| Operating Cash Flow | 0.00 | -329.49M | -603.63M | -174.00M | -114.11M | -95.95M |
| Investing Cash Flow | 0.00 | 272.44M | -235.84M | -114.39M | -7.04M | -34.56M |
| Financing Cash Flow | 0.00 | 28.05M | 696.54M | 341.25M | -8.74M | -7.14M |
Welby Inc. Technical Analysis
Negative
279.00
Price Trends
274.46
Negative
303.13
Negative
303.67
Negative
Market Momentum
-8.94
Negative
40.90
Neutral
33.26
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:4438, the sentiment is Negative. The current price of 279 is above the 20-day moving average (MA) of 252.25, above the 50-day MA of 274.46, and below the 200-day MA of 303.67, indicating a bearish trend. The MACD of -8.94 indicates Negative momentum. The RSI at 40.90 is Neutral, neither overbought nor oversold. The STOCH value of 33.26 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:4438.
Welby Inc. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | ¥30.10B | 8.90 | ― | 2.58% | 5.70% | 35.98% | |
68 Neutral | ¥26.93B | 8.58 | ― | 1.03% | 10.10% | 42.20% | |
60 Neutral | ¥197.97B | 29.35 | ― | 0.43% | 20.95% | 13.38% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
51 Neutral | ¥66.13B | 66.03 | 5.76% | ― | 23.30% | -56.05% | |
43 Neutral | ¥2.10B | -3.90 | ― | ― | 18.86% | 38.80% |
* General Sector Average
JP:4438
Welby Inc.
249.00
-108.00
-30.25%
JP:4480
Medley
2,020.00
-995.00
-33.00%
JP:4483
JMDC Inc.
3,025.00
-642.16
-17.51%
JP:5592
Kusurinomadoguchi, Inc.
2,350.00
-809.65
-25.62%
JP:9438
MTI Ltd.
558.00
-328.89
-37.08%
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.