f-code Inc. (9211) AI Stock Analysis

• Market Cap: ¥24.07B
• Dividend Yield: N/A
• Average Volume (3M): 175.21K
• Price to Earnings (P/E): 20.1
• Beta (1Y): 1.81
• Revenue Growth: 127.21%
• EPS Growth: 44.75%
• Country: JP
• Employees: 149
• Sector: Communication Services
• Sector Strength: 97
• Industry: Advertising Agencies
• EPS (TTM): 26.29
• Shares Outstanding: 12,409,400
• 10 Day Avg. Volume: 164,810
• 30 Day Avg. Volume: 175,213
• PEG Ratio: 0.24
• Price to Book (P/B): 2.21
• Price to Sales (P/S): 2.89
• P/FCF Ratio: 18.17
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0

• Rating: 68 Neutral
• Price Target: ¥2,292.00 ▲(3.10% Upside)

f-code Inc. has a strong financial foundation with robust revenue and profit growth, which is the most significant factor in its overall score. Technical analysis indicates some short-term challenges, and the valuation is moderate. The absence of dividend yield and lack of recent earnings call data slightly dampen the overall attractiveness.

f-code Inc. Business Overview & Revenue Model

Company Description

f-code Inc. (9211) is a technology company that specializes in providing innovative solutions in the software development sector. The company focuses on developing and deploying cutting-edge software applications and platforms designed to enhance business operations across various industries. With a strong emphasis on user experience and efficiency, f-code Inc. offers a range of products, including custom software development, mobile applications, and cloud-based solutions.

How the Company Makes Money

f-code Inc. generates revenue primarily through its software development services and product sales. The company operates on a project-based revenue model, where clients pay for custom software solutions tailored to their specific needs. Additionally, f-code Inc. earns income from licensing its proprietary software products to businesses, which includes ongoing support and updates as part of the service. Key revenue streams also include subscription fees from its cloud-based platforms, where companies pay for access to advanced features and data analytics tools. Strategic partnerships with tech firms and enterprises further bolster its earnings, allowing f-code Inc. to expand its market reach and collaborate on larger projects.

f-code Inc. Financial Statement Overview

Summary

f-code Inc. presents a solid financial profile with significant revenue and profit growth, efficient operations, and strong cash flow generation. The company's leverage is moderate, but its equity growth and cash management capabilities are strong.

Income Statement

f-code Inc. has shown impressive revenue growth over the years, particularly from 2023 to 2024, where revenue more than doubled. Gross and net profit margins are strong, indicating efficient cost management and profitability. Consistent growth in EBIT and EBITDA margins further supports operational efficiency and core profitability.

Balance Sheet

The company's balance sheet reflects a stable financial position with a healthy equity ratio and improving return on equity. The debt-to-equity ratio is moderate, suggesting manageable leverage. The substantial increase in stockholders' equity over recent years signals strong financial health.

Cash Flow

f-code Inc. demonstrates robust free cash flow growth and a strong operating cash flow to net income ratio, indicating good cash generation capacity. Despite substantial investing outflows, the company maintains positive free cash flow, underscoring financial flexibility and investment capability.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	8.31B	5.13B	2.48B	1.07B	660.57M	531.53M
Gross Profit	4.78B	2.84B	1.47B	627.57M	402.83M	307.16M
EBITDA	2.09B	1.52B	719.13M	169.25M	156.47M	31.91M
Net Income	1.18B	905.74M	479.70M	69.35M	152.31M	40.59M
Balance Sheet
Total Assets	25.84B	21.75B	10.98B	3.23B	843.31M	518.15M
Cash, Cash Equivalents and Short-Term Investments	7.21B	6.24B	4.04B	977.96M	601.58M	325.21M
Total Debt	11.10B	7.53B	5.72B	1.96B	178.03M	267.74M
Total Liabilities	19.76B	15.65B	7.66B	2.55B	351.46M	461.38M
Stockholders Equity	6.74B	6.73B	3.19B	689.63M	491.85M	56.77M
Cash Flow
Free Cash Flow	0.00	817.33M	831.87M	85.91M	79.25M	47.27M
Operating Cash Flow	0.00	916.49M	878.18M	120.51M	102.92M	53.34M
Investing Cash Flow	0.00	-3.09B	-3.40B	-1.44B	-16.47M	2.89M
Financing Cash Flow	0.00	4.37B	5.59B	1.69B	189.17M	86.91M

f-code Inc. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2223.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9211, the sentiment is Negative. The current price of 2223 is above the 20-day moving average (MA) of 2071.10, above the 50-day MA of 2194.72, and above the 200-day MA of 1953.61, indicating a bearish trend. The MACD of -22.68 indicates Positive momentum. The RSI at 38.78 is Neutral, neither overbought nor oversold. The STOCH value of 15.93 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:9211.

f-code Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
6535	―	¥34.68B	11.67	―	4.41%	14.91%	21.68%
2148	―	¥32.01B	20.98	―	6.23%	1.36%	-0.89%
9211	―	¥24.07B	20.14	―	―	127.21%	44.75%
2491	―	¥23.04B	4.79	―	7.77%	-3.20%	34.08%
2461	―	¥32.33B	25.20	―	5.35%	2.34%	-12.13%
Sector *	―	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
4499	―	¥27.68B	-135.37	―	―	7.49%	87.48%

f-code Inc. Corporate Events

f-code Inc. Reports Robust Growth in H1 2025 Financial Results

f-code Inc. reported significant growth in its consolidated financial results for the first half of 2025, with revenue increasing by 155.8% compared to the previous year. The company achieved notable improvements in operating income and net income, reflecting its successful business strategies and market positioning. Despite the impressive financial performance, the company maintained a zero-dividend policy and did not revise its earnings forecasts, indicating a focus on reinvestment and future growth.

f-code Inc. Acquires Shares in VST Inc. to Boost Video Creation School Business

f-code Inc. has announced the acquisition of shares in VST Inc., which operates the rapidly growing ‘V-Pro’ video creation school business. This strategic move aims to leverage synergies with other online school businesses within the f-code Group, including SAKIYOMI Inc., BUZZ Inc., CielZero Inc., DEITORA Inc., and Real us Inc., to drive further growth. The acquisition is valued at approximately 347 million yen, with an expected annual operating profit of around 50 million yen and a projected investment recovery period of about five years.

F-code Inc. Acquires VST Inc. to Boost School Business

F-code Inc. has announced its decision to acquire shares of VST Inc., making it a subsidiary to enhance its school business operations. This acquisition is expected to create synergies by combining VST’s expertise in video editing education with F-code’s marketing and course development capabilities, thereby improving profitability and strengthening competitiveness.

f-code Inc. Acquires Real us Inc. to Boost Influencer and Career School Services

f-code Inc. has announced the acquisition of shares in Real us Inc., a company involved in influencer support and career school operations. This strategic move, valued at approximately 300 million yen, is expected to enhance f-code’s growth potential by leveraging synergies with its existing group companies. The acquisition is anticipated to yield an annual operating profit of about 50 million yen, with an investment recovery period of around five years.

F-code Inc. Acquires Real us Inc. to Enhance Educational Ventures

F-code Inc. has announced its decision to acquire shares of Real us Inc., making it a subsidiary. This acquisition is expected to leverage Real us’s expertise in influencer support and practical skills education, complementing F-code’s existing services. The collaboration aims to strengthen marketing, course development, and customer support, thereby accelerating the growth of F-code’s educational ventures and improving profitability and competitiveness.