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f-code Inc.
(9211)
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Rating:73Outperform
Price Target:
¥1,709.00
▲(14.54% Upside)
Action:Upgraded
Date:08/21/26
The score is driven primarily by solid fundamentals—especially strong 2025 revenue growth and healthy gross/operating margins—tempered by higher leverage and noticeable margin compression. Technicals are supportive with positive momentum and price above key moving averages. Valuation is favorable with a low P/E, adding to the overall attractiveness.
Positive Factors
Strong Revenue Growth
The sharp acceleration in revenue indicates strong demand and expanding commercial reach. If the company can maintain this level of adoption, higher scale should support broader market presence and reinforce its growth trajectory over the next several quarters.
Negative Factors
Elevated Leverage
The higher debt burden reduces financial flexibility and increases sensitivity to earnings volatility. If growth or profitability weakens, a debt-heavy capital structure could constrain investment capacity and raise execution risk relative to a less leveraged model.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Revenue Growth
The sharp acceleration in revenue indicates strong demand and expanding commercial reach. If the company can maintain this level of adoption, higher scale should support broader market presence and reinforce its growth trajectory over the next several quarters.
Read all positive factors
f-code Inc. (9211) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥18.62B
Dividend YieldN/A
Average Volume (3M)209.24K
Price to Earnings (P/E)11.3
Beta (1Y)1.01
Revenue Growth80.07%
EPS Growth40.93%
CountryJP
Employees489
SectorCommunication Services
Sector Strength97
IndustryAdvertising Agencies
Share Statistics
EPS (TTM)129.99
Shares Outstanding12,479,400
10 Day Avg. Volume195,350
30 Day Avg. Volume209,243
Financial Highlights & Ratios
PEG Ratio0.23
Price to Book (P/B)2.36
Price to Sales (P/S)1.49
P/FCF Ratio13.33
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)155.6
Revenue Forecast (FY)¥16.00B
f-code Inc. Business Overview & Revenue Model
Company Description
Headquartered in Tokyo, Japan, f-Code Inc. specializes in providing digital services to businesses throughout the country, focusing on customer acquisition and development. A core offering is their CODE marketing cloud, a Software-as-a-Service (Sa...
How the Company Makes Money
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f-code Inc. Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
57
Neutral
Cash Flow
64
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 13.43B | 11.94B | 5.13B | 2.48B | 1.07B | 660.57M |
| Gross Profit | 7.73B | 7.13B | 2.75B | 1.40B | 593.29M | 402.83M |
| EBITDA | 2.30B | 2.11B | 1.24B | 711.17M | 172.44M | 163.69M |
| Net Income | 1.59B | 1.45B | 905.74M | 479.70M | 69.35M | 152.31M |
Balance Sheet | ||||||
| Total Assets | 31.66B | 26.45B | 21.82B | 10.98B | 3.28B | 843.31M |
| Cash, Cash Equivalents and Short-Term Investments | 8.35B | 8.09B | 6.24B | 4.04B | 977.96M | 601.58M |
| Total Debt | 13.79B | 13.04B | 7.53B | 5.72B | 1.96B | 178.03M |
| Total Liabilities | 23.95B | 19.71B | 15.72B | 7.66B | 2.59B | 351.45M |
| Stockholders Equity | 7.99B | 7.54B | 6.73B | 3.19B | 689.63M | 491.85M |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 1.33B | 911.38M | 860.21M | 96.70M | 99.83M |
| Operating Cash Flow | 0.00 | 1.35B | 916.49M | 878.18M | 120.51M | 102.92M |
| Investing Cash Flow | 0.00 | -4.46B | -2.88B | -3.40B | -1.44B | -16.47M |
| Financing Cash Flow | 0.00 | 4.93B | 4.16B | 5.59B | 1.69B | 189.17M |
f-code Inc. Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
88 Outperform | ¥29.77B | 11.37 | ― | 5.35% | 4.88% | -5.77% | |
74 Outperform | ¥20.40B | 16.86 | ― | 9.87% | 5.72% | 30.74% | |
73 Outperform | ¥18.62B | 11.35 | ― | ― | 80.07% | 40.93% | |
69 Neutral | ¥18.74B | 7.53 | ― | 2.01% | -2.12% | -14.54% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
46 Neutral | ¥31.97B | -21.86 | ― | ― | 1.72% | -565.20% | |
43 Neutral | ¥10.28B | 5.36 | ― | ― | 10.01% | ― |
* Communication Services Sector Average
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f-code Inc. Corporate Events
F-code Inc. Posts Strong Q2 Results and Ramps Up M&A-Led Growth Strategy
Aug 14, 2026
F-code Inc. reported strong results for the second quarter of fiscal 2026, with revenue reaching ¥8.20 billion, about 1.6 times year-on-year, and operating profit rising to ¥1.64 billion, roughly 1.4 times year-on-year. Management highli...
F-code Delivers Strong First-Half Growth and Confirms 2026 Outlook
Aug 14, 2026
F-code Inc. reported strong interim results for the six months ended June 30, 2026, with revenue climbing 57.3% year on year to ¥8.2 billion and operating profit rising 41.6%. Profit attributable to owners of the parent grew 35.3%, lifting ba...
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.