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Welby Inc.
(4438)
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Rating:50Neutral
Price Target:
¥315.00
▲(12.90% Upside)
Action:Reiterated
Date:10/22/26
The score is held down primarily by weak financial performance—persistent large losses, ongoing cash burn, and increased leverage—despite strong gross margins and a revenue rebound. Technical indicators are comparatively supportive (price above major moving averages and positive MACD), but valuation remains constrained by negative earnings and no dividend support.
Positive Factors
Revenue Rebound
The sharp 2025 revenue rebound indicates that demand and commercial activity recovered meaningfully after the prior-year weakness. If maintained, renewed top-line scale could improve operating leverage, support reinvestment, and provide a foundation for rebuilding earnings over the next several quarters.
Negative Factors
Persistent Large Losses
Persistent operating and net losses show that the company has not converted its high gross margin into a sustainable earnings model. Continued losses can erode equity, restrict internal funding, and make future growth dependent on management achieving a substantial improvement in cost control and operating scale.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Rebound
The sharp 2025 revenue rebound indicates that demand and commercial activity recovered meaningfully after the prior-year weakness. If maintained, renewed top-line scale could improve operating leverage, support reinvestment, and provide a foundation for rebuilding earnings over the next several quarters.
Read all positive factors
Welby Inc. (4438) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥2.48B
Dividend YieldN/A
Average Volume (3M)211.35K
Price to Earnings (P/E)―
Beta (1Y)1.27
Revenue Growth14.84%
EPS Growth30.67%
CountryJP
Employees44
SectorGeneral
Sector StrengthN/A
IndustryMedical - Healthcare Information Services
Share Statistics
EPS (TTM)-63.35
Shares Outstanding8,535,582
10 Day Avg. Volume216,260
30 Day Avg. Volume211,346
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 | 648.58M | 635.72M | 528.04M | 575.00M | 1.05B | 1.14B |
| Gross Profit | 454.44M | 448.67M | 379.92M | 376.00M | 755.44M | 683.91M |
| EBITDA | -404.35M | -500.26M | -792.75M | -499.97M | 40.29M | -127.70M |
| Net Income | -525.32M | -539.69M | -804.60M | -505.00M | 33.91M | -130.68M |
Balance Sheet | ||||||
| Total Assets | 847.17M | 1.05B | 1.17B | 1.21B | 1.40B | 1.39B |
| Cash, Cash Equivalents and Short-Term Investments | 516.23M | 711.43M | 740.43M | 883.00M | 830.82M | 960.72M |
| Total Debt | 539.39M | 605.71M | 200.00M | 1.21M | 8.35M | 15.49M |
| Total Liabilities | 636.94M | 747.89M | 328.90M | 88.00M | 121.40M | 134.83M |
| Stockholders Equity | 180.92M | 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
Positive
279.00
Price Trends
274.40
Positive
264.11
Positive
288.07
Positive
Market Momentum
6.84
Positive
52.88
Neutral
22.91
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:4438, the sentiment is Positive. The current price of 279 is below the 20-day moving average (MA) of 290.75, above the 50-day MA of 274.40, and below the 200-day MA of 288.07, indicating a bullish trend. The MACD of 6.84 indicates Positive momentum. The RSI at 52.88 is Neutral, neither overbought nor oversold. The STOCH value of 22.91 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | ¥27.28B | 8.39 | ― | 1.72% | 13.72% | 43.20% | |
73 Outperform | ¥30.21B | 8.80 | ― | 3.57% | 4.90% | 60.31% | |
63 Neutral | ¥243.47B | 35.50 | ― | 0.48% | 18.89% | 11.66% | |
59 Neutral | ¥76.87B | 41.42 | 12.35% | 0.00% | 24.03% | 34.50% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
50 Neutral | ¥2.48B | -4.75 | ― | ― | 14.84% | 30.67% |
* General Sector Average
JP:4438
Welby Inc.
296.00
-3.00
-1.00%
JP:4480
Medley
2,451.00
151.00
6.57%
JP:4483
JMDC Inc.
3,745.00
-1,051.67
-21.92%
JP:5592
Kusurinomadoguchi, Inc.
2,335.00
-1,243.63
-34.75%
JP:9438
MTI Ltd.
555.00
-229.67
-29.27%
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.