Nulab Inc. (5033) AI Stock Analysis

Nulab Inc.

(TSE/TYO:5033)

Select Model

Rating:53Neutral

Price Target:JPY 1,310.00▲(6.68% Upside)

Action:reiterated

Date:09/06/26

The overall score of 53 reflects a company with a fortress-like balance sheet but significant near-term headwinds. The primary strength is the company's zero-debt, high-equity financial foundation. However, this is offset by a sharp decline in profitability and slowing revenue growth. The stock's extremely overbought technical condition and high P/E ratio further weigh on the score, suggesting the current price may be ahead of fundamentals.

Positive Factors

Recurring SaaS modelA recurring subscription model can provide a durable revenue base because customers pay periodically for continuing access to essential collaboration and project-management tools. This supports revenue visibility, creates opportunities for upgrades, and allows the company to deepen customer relationships over time.

Negative Factors

Slowing revenue growthThe deceleration in revenue growth signals weaker recent expansion in the customer or subscription base. If this slower pace persists, Nulab may have less opportunity to spread fixed software costs across a rapidly growing revenue base and may face greater pressure to reinvigorate demand.

Nulab Inc. (5033) vs. iShares MSCI Japan ETF (EWJ)

Market Cap: JPY 7.80B
Dividend Yield: ―
Average Volume (3M): 48.15K
Price to Earnings (P/E): 48.0
Beta (1Y): 0.49
Revenue Growth: 7.04%
EPS Growth: -67.36%
Country: Japan
Employees: 207
Sector: Technology
Sector Strength: 61
Industry: Software - Application

Nulab Inc. Business Overview & Revenue Model

Company Description

Nulab Inc. develops solution that promotes team collaboration. The company offers Backlog, a project and task management tool; Nulab Pass, a tool which strengthens your organization information security governance; Cacoo, a visual collaboration tool...

How the Company Makes Money

Nulab primarily makes money by charging customers for access to its software products under a recurring subscription (SaaS) model. Under this model, organizations and teams pay periodic fees (typically monthly or annually) based on plan tiers and/or...

Nulab Inc. Financial Statement Overview

Summary

Financial performance is mixed. The balance sheet is exceptional with zero debt and growing equity (Score: 90). Cash flows remain positive and of high quality (Score: 65). However, the income statement is under pressure due to decelerating revenue growth and a significant drop in profitability (Score: 45). The overall financial health is sound, but earnings momentum is a concern.

Income Statement

45Neutral

Balance Sheet

90Very Positive

Cash Flow

65Positive

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	4.47B	4.39B	4.11B	3.66B	2.71B	2.33B
Gross Profit	3.26B	3.24B	2.96B	2.64B	1.73B	1.42B
EBITDA	518.39M	474.82M	753.00M	424.12M	179.14M	266.01M
Net Income	163.37M	178.55M	552.68M	308.16M	88.42M	197.88M
Balance Sheet
Total Assets	4.73B	4.52B	4.25B	3.48B	2.61B	1.62B
Cash, Cash Equivalents and Short-Term Investments	3.24B	2.98B	3.13B	2.48B	1.74B	1.13B
Total Debt	8.65M	2.03M	5.00M	8.00M	13.75M	58.69M
Total Liabilities	2.67B	2.54B	2.34B	2.15B	1.66B	1.23B
Stockholders Equity	2.07B	1.98B	1.91B	1.33B	958.63M	391.25M
Cash Flow
Free Cash Flow	0	264.67M	724.95M	694.57M	169.40M	321.29M
Operating Cash Flow	0	282.67M	749.13M	811.90M	297.32M	401.01M
Investing Cash Flow	0	-350.51M	-128.81M	-110.72M	-130.74M	-74.35M
Financing Cash Flow	0	-99.61M	-1.00M	16.87M	417.41M	-95.27M

Nulab Inc. Technical Analysis

Technical Analysis SentimentNeutral

Last Price1228.00

Price Trends

50DMA1155.64Positive

100DMA1002.42Positive

200DMA870.03Positive

Market Momentum

MACD20.54Positive

RSI50.11Neutral

STOCH18.70Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:5033, the sentiment is Neutral. The current price of 1228.00 is below the 20-day moving average (MA) of 1257.40, above the 50-day MA of 1155.64, and above the 200-day MA of 870.03, indicating a neutral trend. The MACD of 20.54 indicates Positive momentum. The RSI at 50.11 is Neutral, neither overbought nor oversold. The STOCH value of 18.70 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for JP:5033.

Nulab Inc. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (61)

Financial Indicators

JP:5033 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
JP:4168	78Outperform	JPY 9.55B	8.46	―	1.97%	12.61%	49.51%
JP:4060	72Outperform	JPY 6.63B	24.56	―	0.79%	37.13%	-7.58%
JP:4448	72Outperform	JPY 14.50B	19.86	―	―	14.06%	―
Sector *	61Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
JP:4397	61Neutral	JPY 6.01B	16.11	―	―	23.50%	2.72%
JP:5033	53Neutral	JPY 7.96B	47.99	―	―	7.04%	-67.36%
JP:4074	52Neutral	JPY 6.28B	-27.73	―	―	-8.74%	-144.28%

* Technology Sector Average

Performance Comparison

JP:5033 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
JP:5033	Nulab Inc.	1228.00	465.00	60.94%
JP:4060	rakumo Inc.	1136.00	30.04	2.72%
JP:4074	LaKeel,Inc	815.00	-209.00	-20.41%
JP:4168	Yappli, Inc.	735.00	-218.82	-22.94%
JP:4397	TeamSpirit, Inc.	364.00	-143.00	-28.21%
JP:4448	Chatwork Co.Ltd.	340.00	-53.00	-13.49%

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.

Date of analysis: Sep 06, 2026

Nulab Inc. AI Stock Analysis