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BASE, Inc.
(4477)
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Rating:74Outperform
Price Target:
¥452.00
▲(43.04% Upside)
Action:Reiterated
Date:10/06/26
The score is driven primarily by improved financial performance—accelerating growth, restored profitability, strong free cash flow, and a conservative balance sheet—partly offset by a history of volatile results. Technicals are strong but look stretched with an elevated RSI, and valuation appears fair-to-moderate with a modest dividend yield.
Positive Factors
Accelerating revenue growth
The acceleration in 2025 indicates improving demand and renewed business momentum after a weak prior year. If maintained, stronger revenue growth can improve operating leverage, support reinvestment, and expand the company’s ability to build durable scale over the next several quarters.
Negative Factors
Volatile profitability
The return to positive margins is encouraging, but the multi-year swing from losses to recovery shows that profitability has not yet demonstrated consistent durability. Such volatility makes earnings less predictable and raises the risk that future results may again weaken during a less favorable operating period.
Read all positive and negative factors
Positive Factors
Negative Factors
Accelerating revenue growth
The acceleration in 2025 indicates improving demand and renewed business momentum after a weak prior year. If maintained, stronger revenue growth can improve operating leverage, support reinvestment, and expand the company’s ability to build durable scale over the next several quarters.
Read all positive factors
BASE, Inc. (4477) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥47.06B
Dividend Yield1.25%
Average Volume (3M)1.91M
Price to Earnings (P/E)20.5
Beta (1Y)0.59
Revenue Growth34.68%
EPS Growth552.65%
CountryJP
Employees401
SectorGeneral
Sector StrengthN/A
IndustrySoftware - Application
Share Statistics
EPS (TTM)19.07
Shares Outstanding117,937,660
10 Day Avg. Volume3,397,290
30 Day Avg. Volume1,908,169
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)2.46
Price to Sales (P/S)1.77
P/FCF Ratio11.22
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)17.2
Revenue Forecast (FY)¥27.60B
BASE, Inc. Business Overview & Revenue Model
Company Description
BASE, Inc., a Tokyo, Japan-based company, specializes in the design, development, and management of various web services. Its operations are structured into three primary divisions: BASE Business, PAY Business, and Other Business. Key offerings in...
BASE, Inc. Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
86
Very Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 23.97B | 20.73B | 15.98B | 11.68B | 9.74B | 9.93B |
| Gross Profit | 12.22B | 9.99B | 7.17B | 5.03B | 4.74B | 5.62B |
| EBITDA | 2.35B | 1.75B | -36.00M | -601.00M | -1.69B | -1.17B |
| Net Income | 2.20B | 1.83B | 340.00M | -606.00M | -1.73B | -1.19B |
Balance Sheet | ||||||
| Total Assets | 52.13B | 57.80B | 46.29B | 37.30B | 31.28B | 31.99B |
| Cash, Cash Equivalents and Short-Term Investments | 22.50B | 26.87B | 25.73B | 22.23B | 22.41B | 24.05B |
| Total Debt | 610.00M | 896.00M | 768.00M | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 36.69B | 42.68B | 32.69B | 24.30B | 17.78B | 16.89B |
| Stockholders Equity | 15.22B | 14.92B | 13.60B | 13.00B | 13.50B | 15.10B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 3.27B | 3.63B | -133.00M | -1.73B | 1.76B |
| Operating Cash Flow | 0.00 | 3.28B | 3.66B | -80.00M | -1.71B | 1.78B |
| Investing Cash Flow | 0.00 | -3.07B | -159.00M | -53.00M | -28.00M | -21.00M |
| Financing Cash Flow | 0.00 | -1.07B | 3.00M | 16.00M | 26.00M | 21.00M |
BASE, Inc. Technical Analysis
Positive
316.00
Price Trends
328.30
Positive
302.61
Positive
304.64
Positive
Market Momentum
15.82
Negative
68.46
Neutral
56.34
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:4477, the sentiment is Positive. The current price of 316 is below the 20-day moving average (MA) of 351.25, below the 50-day MA of 328.30, and above the 200-day MA of 304.64, indicating a bullish trend. The MACD of 15.82 indicates Negative momentum. The RSI at 68.46 is Neutral, neither overbought nor oversold. The STOCH value of 56.34 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:4477.
BASE, Inc. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | ¥60.31B | 14.42 | ― | 3.53% | 0.70% | -2.66% | |
80 Outperform | ¥20.04B | 19.35 | ― | 3.43% | -2.50% | -17.10% | |
79 Outperform | ¥57.74B | 21.20 | ― | 1.98% | 14.75% | 9.45% | |
74 Outperform | ¥47.06B | 20.50 | ― | 1.25% | 34.68% | 552.65% | |
62 Neutral | ¥65.08B | 6.66 | ― | ― | 1178.31% | ― | |
59 Neutral | ¥50.64B | 39.37 | ― | 0.24% | 28.94% | -29.21% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
JP:4477
BASE, Inc.
399.00
92.76
30.29%
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23.23%
BASE, Inc. Corporate Events
BASE Extends SBI-Backed Tender Offer Period Amid Major Shareholder Buying
Oct 6, 2026
BASE, Inc. announced a partial amendment to its earlier statement supporting a tender offer for its shares by SBINM LLC, a wholly owned subsidiary of SBI Holdings, without changing its favorable stance or its neutral position on whether shareholde...
BASE, Inc. Updates Disclosure on SBI Tender Offer and Extends Timeline
Oct 5, 2026
BASE, Inc. has issued a partial amendment to its earlier notice regarding the tender offer for its common shares by SBINM LLC, a wholly owned subsidiary of SBI Holdings, Inc. The company reaffirmed its support for the tender offer and its stance t...
BASE, Inc. Backs Extended SBI Tender Offer Timeline
Sep 30, 2026
BASE, Inc. said its stance remains unchanged in supporting the tender offer being conducted by SBINM LLC, a wholly owned subsidiary of SBI Holdings, and in leaving tender decisions to the discretion of its shareholders. The tender offer aims to ma...
BASE backs SBI subsidiary’s tender offer and enters capital alliance with SBI Holdings
Aug 28, 2026
BASE, Inc. has announced that its board supports a tender offer for its common shares by SBINM LLC, a wholly owned subsidiary of SBI Holdings, while leaving individual participation in the offer to shareholder discretion. The offer, priced at 340 ...
BASE Halts Share Buyback Amid SBI-Linked Tender Offer
Aug 28, 2026
BASE, Inc. has decided to discontinue its previously authorized share repurchase program as of August 28, 2026, following a board resolution taken the same day. The company had not repurchased any shares under the program, despite prior authorizat...
BASE Forms Capital and Business Alliance with SBI Holdings to Drive Integrated Fintech and Commerce
Aug 28, 2026
BASE, Inc. has entered into a capital and business alliance agreement with SBI Holdings, Inc. to build a medium- to long-term cooperative relationship aimed at enhancing the corporate value of both groups. The partnership is designed to integrate ...
BASE, Inc. Delivers Strong First-Half Growth and Confirms 2026 Outlook
Aug 5, 2026
BASE, Inc. reported strong results for the six months ended June 30, 2026, with net sales rising 35.5% year on year to ¥12.39 billion and EBITDA more than doubling. Operating profit jumped 87.3% to ¥1.07 billion, and profit attributable ...
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.