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Japanese internet company in mobile gaming, e-commerce and sports, including ownership of a pro baseball team.
Japanese internet company in mobile gaming, e-commerce and sports, including ownership of a pro baseball team.
Earns mostly from in-game purchases in mobile games it develops or runs, many built on other companies' characters such as Nintendo's and Pokemon, so a slice of revenue goes to the owners. Nintendo has been a shareholder since a 2015 alliance. The baseball team is a separate, smaller business.
In one line: A Japanese mashup of Zynga and a regional sports/media company.
Moat: narrow (brand, IP / patents). Established gaming brand and a sports franchise asset, but gaming hits are unpredictable.
Headquarters: Tokyo, Japan · Founded: 1999 · Employees: 2,483
Size Dena (2432.T) is a Japan Industrials company (Packaged Software) with a market value of $1.54B, the 564th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,627 on 6 Nov 2026.
Performance Over six months the shares gained 3.5%, against +2.0% for the median peer and +1.8% for the Japan market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue fell 16.6% over the last twelve months (peer median +7.6%); the operating margin is 15.8% (peer median 11.1%).
Valuation It trades at 5.5× forward earnings against a peer median of 11.5× (cheapest of 19).
Price implies For today's price to make sense, revenue must grow about -10% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is -12 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.5 points above its cost of capital (5.0% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥143B | ¥148B | ¥164B | ¥137B | ¥135B |
| Revenue growth | — | -10% | +20% | +1% | — |
| Gross profit | ¥73.9B | ¥77.2B | ¥91.3B | ¥59.2B | ¥62.1B |
| EBITDA | ¥29.8B | ¥34.7B | ¥37.6B | ¥7.20B | ¥9.89B |
| Net income | ¥41.3B | ¥19.0B | ¥24.2B | -¥28.7B | ¥8.86B |
| Free cash flow | ¥14.6B | ¥25.3B | ¥34.7B | -¥14.4B | ¥10.2B |
| Capital expenditure | ¥13.3B | ¥14.7B | ¥10.4B | ¥10.6B | ¥7.58B |
| Total debt | ¥13.6B | ¥15.5B | ¥48.4B | ¥44.5B | ¥45.2B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Dena 2432.T | $1.54B | +4% | -17% | 16% | 5.5× | -10.3% |
| MIXI 2121.T | $1.56B | +51% | +30% | 14% | 10.7× | -18.1% |
| Gungho Online Entertainment 3765.T | $798M | -3% | -6% | 7% | 31.5× | n/a |
| Cyber Agent 4751.T | $4.13B | +3% | +14% | 10% | 15.4× | -11.3% |
Peer set: Sector in the same market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2432.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.5% | -1.6% | 2nd highest of 21 |
| 6-month return | +3.5% | +2.0% | 9th highest of 21 |
| Distance from 52-week high | -6.5% | -23.2% | 4th highest of 21 |
| Revenue growth (TTM) | -16.6% | +7.6% | lowest of 21 |
| Operating margin | 15.8% | 11.1% | 4th highest of 21 |
| Forward P/E | 5.5× | 11.5× | cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | -10.3% | -3.1% | 2nd least demanding of 18 |
| Growth delivered (Del g) | +1.5% | +7.7% | 2nd lowest of 18 |
| Hurdle (Req g minus delivered) | -11.8 pp | -9.7 pp | 7th least demanding of 18 |
| ROIC minus cost of capital | +4.5 pp | +2.3 pp | 8th highest of 20 |
| EV / EBITDA | 6.1× | 8.2× | 6th cheapest of 19 |
| Net debt / EBITDA | -2.4× | 0.2× | 3rd least indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Dena 2432.T | Japan | $1.54B | +4% | -17% | 16% | 5.5× | -10.3% | +1.5% |
| CKD 6407.T | Japan | $1.54B | -40% | +11% | 14% | 10.8× | 12.4% | +8.1% |
| Sotetsu 9003.T | Japan | $1.55B | -4% | +9% | 13% | 10.1× | n/a | n/a |
| Sinfonia Technology 6507.T | Japan | $1.56B | -39% | +9% | 15% | 14.2× | 15.4% | +8.0% |
| MITSUI-SOKO 9302.T | Japan | $1.52B | -22% | +6% | 7% | 17.8× | -1.6% | +3.4% |
| Okuma 6103.T | Japan | $1.56B | -16% | +15% | 9% | 10.4× | n/a | n/a |
| MEITEC 9744.T | Japan | $1.57B | +3% | +2% | 14% | 18.7× | -4.6% | +7.3% |
| Fukuyama Transporting 9075.T | Japan | $1.51B | +18% | +6% | 4% | 11.6× | 12.0% | +2.2% |
| NS United Kaiun Kaisha,Ltd 9110.T | Japan | $1.58B | +39% | +11% | 11% | n/a | -5.0% | +10.7% |
| MIRAIT ONE 1417.T | Japan | $1.60B | -24% | +5% | 6% | 10.4× | -5.7% | +5.4% |
| FP Corporation 7947.T | Japan | $1.61B | +35% | +4% | 9% | 15.5× | -1.0% | +5.1% |
| PILOT 7846.T | Japan | $1.62B | +33% | +7% | 14% | 14.6× | -3.8% | +7.7% |
| Namura Shipbuilding 7014.T | Japan | $1.62B | -9% | +7% | 19% | 9.9× | -3.1% | +10.1% |
| Mitani 8066.T | Japan | $1.45B | +4% | +1% | 10% | n/a | -12.2% | -3.1% |
| Japan Elevator Service 6544.T | Japan | $1.65B | -9% | +17% | 19% | 29.3× | 4.0% | +18.6% |
| Daihen 6622.T | Japan | $1.43B | +5% | +5% | 8% | 11.4× | n/a | n/a |
| Tsubakimoto Chain 6371.T | Japan | $1.68B | +7% | +20% | 8% | 10.3× | 2.0% | +8.9% |
| Chudenko 1941.T | Japan | $1.71B | +3% | +9% | 12% | 11.0× | -8.6% | +4.3% |
| SWCC 5805.T | Japan | $1.71B | +1% | +21% | 11% | 11.1× | 6.4% | +11.4% |
| SHO BOND 1414.T | Japan | $1.71B | -6% | -2% | 23% | 16.3× | -7.5% | +2.2% |
| SBS 2384.T | Japan | $1.38B | +32% | +22% | 6% | 14.1× | -8.2% | +13.8% |