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BASE, Inc.
(4477)
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Rating:77Outperform
Price Target:
¥385.00
▲(21.84% Upside)
Action:Upgraded
Date:08/06/26
The score is driven primarily by improving financial performance (growth acceleration, restored profitability, strong cash-backed free cash flow, and low leverage). Technicals are moderately supportive with positive MACD and price above key moving averages, while valuation looks reasonable with a mid-teens P/E and a modest dividend yield. The main offset is the company’s historical volatility in profitability and cash flow, which tempers conviction.
Positive Factors
Revenue and profit recovery
The return to meaningful revenue growth alongside positive operating and net margins indicates improved commercial execution and operating leverage. If sustained, this recovery can rebuild earnings capacity, support reinvestment, and strengthen the company’s competitive position over the next several quarters.
Negative Factors
Volatile profitability history
The sharp swings between profitability and losses make future earnings less predictable than the latest recovery alone suggests. Such volatility can complicate planning, reduce confidence in the durability of current margins, and make it harder to sustain investment or shareholder returns through weaker periods.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and profit recovery
The return to meaningful revenue growth alongside positive operating and net margins indicates improved commercial execution and operating leverage. If sustained, this recovery can rebuild earnings capacity, support reinvestment, and strengthen the company’s competitive position over the next several quarters.
Read all positive factors
BASE, Inc. (4477) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥39.98B
Dividend Yield1.47%
Average Volume (3M)1.04M
Price to Earnings (P/E)17.8
Beta (1Y)0.62
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. Volume1,657,020
30 Day Avg. Volume1,044,966
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 | 2.38B | 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
306.98
Positive
290.61
Positive
301.36
Positive
Market Momentum
12.92
Negative
59.34
Neutral
47.47
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 323.00, above the 50-day MA of 306.98, and above the 200-day MA of 301.36, indicating a bullish trend. The MACD of 12.92 indicates Negative momentum. The RSI at 59.34 is Neutral, neither overbought nor oversold. The STOCH value of 47.47 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 | ¥62.19B | 14.56 | ― | 3.48% | 0.70% | -2.66% | |
80 Outperform | ¥19.76B | 18.91 | ― | 3.58% | -2.50% | -17.10% | |
79 Outperform | ¥55.68B | 20.12 | ― | 2.06% | 14.75% | 9.45% | |
77 Outperform | ¥39.98B | 17.78 | ― | 1.47% | 34.68% | 552.65% | |
60 Neutral | ¥52.29B | 6.27 | ― | ― | 1178.31% | ― | |
59 Neutral | ¥44.39B | 35.74 | ― | 0.27% | 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.
339.00
-12.68
-3.61%
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Pro-Ship Incorporated
1,939.00
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20.38%
JP:3835
eBASE Co., Ltd.
425.00
-64.48
-13.17%
JP:3905
Datasection, Inc.
1,532.00
-1,336.00
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Base Co., Ltd.
3,250.00
-188.62
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JP:5027
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748.00
-62.42
-7.70%
BASE, Inc. Corporate Events
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.