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Japanese video game developer behind franchises such as Dynasty Warriors, Nioh and Atelier.
Japanese video game developer behind franchises such as Dynasty Warriors, Nioh and Atelier.
Earns from selling its games as new releases and from a long tail of older titles, with overseas sales a large part of the total. Its studios split the franchises: Omega Force makes Dynasty Warriors, Team Ninja makes Nioh, and Gust makes Atelier. It also licenses its characters to other companies.
In one line: A mid-size Japanese game studio, like a smaller Capcom.
Moat: narrow (brand, IP / patents). Owns recognizable game franchises with loyal fanbases, though hit-driven like all game studios.
Headquarters: Yokohama, Japan · Founded: 1996 · Employees: 2,835
Size Koei Tecmo (3635.T) is a Japan Information Technology company (Packaged Software) with a market value of $3.74B, the 307th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,765 on 6 Nov 2026.
Performance Over six months the shares gained 14.8%, against +3.4% for the median peer and +1.8% for the Japan market (cap-weighted) — 9th highest of 20 in its peer set.
Growth Revenue grew 19.2% over the last twelve months (peer median +22.6%); the operating margin is 43.4% (peer median 4.4%).
Valuation It trades at 15.1× forward earnings against a peer median of 28.3× (4th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about -6% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is -14 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 12.8 points above its cost of capital (5.0% WACC).
Next results Next results expected around 1 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥94.5B | ¥88.4B | ¥83.2B | ¥84.6B | ¥78.4B |
| Revenue growth | — | +6% | -2% | +8% | — |
| Gross profit | ¥61.8B | ¥68.2B | ¥62.8B | ¥55.3B | ¥57.1B |
| EBITDA | n/a | ¥39.2B | ¥34.0B | ¥30.3B | ¥40.8B |
| Net income | ¥48.0B | ¥42.8B | ¥37.6B | ¥33.8B | ¥30.9B |
| Free cash flow | n/a | ¥8.99B | ¥32.8B | ¥34.8B | ¥28.9B |
| Capital expenditure | n/a | ¥24.1B | ¥1.60B | ¥1.80B | ¥890M |
| Total debt | ¥10.0B | ¥321M | ¥467M | ¥46.9B | ¥47.5B |
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 |
|---|---|---|---|---|---|---|
| Koei Tecmo 3635.T | $3.74B | +15% | +19% | 43% | 15.1× | -5.7% |
| Capcom 9697.T | $11.0B | +25% | +21% | 41% | 27.0× | -2.2% |
| Bandai Namco 7832.T | $26.1B | +76% | +9% | 15% | 25.5× | -0.4% |
| Square Enix 9684.T | $7.02B | +25% | +1% | 20% | 26.9× | -5.4% |
| Sega Sammy 6460.T | $4.28B | +46% | +24% | 10% | 17.8× | -2.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 3635.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.8% | +5.4% | 9th highest of 21 |
| 6-month return | +14.8% | +3.4% | 9th highest of 20 |
| Distance from 52-week high | -18.9% | -36.0% | 9th highest of 21 |
| Revenue growth (TTM) | +19.2% | +22.6% | 10th lowest of 21 |
| Operating margin | 43.4% | 4.4% | highest of 20 |
| Forward P/E | 15.1× | 28.3× | 4th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | -5.7% | 22.9% | least demanding of 14 |
| Growth delivered (Del g) | +7.9% | +20.6% | 3rd lowest of 14 |
| Hurdle (Req g minus delivered) | -13.6 pp | +4.5 pp | 5th least demanding of 14 |
| ROIC minus cost of capital | +12.8 pp | -5.4 pp | 4th highest of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Koei Tecmo 3635.T | Japan | $3.74B | +15% | +19% | 43% | 15.1× | -5.7% | +7.9% |
| Glory View Technology 301396.SZ | China | $3.72B | -49% | +53% | n/a | 25.3× | n/a | n/a |
| monday.com MNDY | United States | $3.72B | +22% | +24% | 3% | 14.2× | 23.6% | +50.2% |
| G-Bits Network Technology (Xiamen) 603444.SS | China | $3.77B | -14% | +35% | 40% | 12.5× | -0.9% | +17.7% |
| Geovis Technology 688568.SS | China | $3.78B | -45% | -64% | -70% | n/a | n/a | n/a |
| Core Scientific CORZ | United States | $3.78B | -49% | +26% | -31% | n/a | n/a | n/a |
| Appian APPN | United States | $3.70B | +135% | +21% | 4% | 41.6× | 42.9% | +19.0% |
| Thunder Software Technology 300496.SZ | China | $3.83B | -13% | +40% | 6% | 40.0× | n/a | n/a |
| Life360 LIF | United States | $3.86B | +8% | +34% | 1% | 33.9× | n/a | n/a |
| Magnite MGNI | United States | $3.93B | +94% | +8% | 16% | 20.9× | 31.9% | +26.4% |
| DLocal DLO | United States | $3.94B | +2% | +57% | 18% | 14.4× | 2.4% | +60.0% |
| AvePoint AVPT | United States | $3.50B | +45% | +25% | 10% | 37.6× | 31.6% | +22.6% |
| Kinaxis KXS.TO | Canada | $4.01B | +35% | +16% | 18% | 30.9× | 12.9% | +20.6% |
| Momenta Global 6880.HK | Hong Kong | $4.02B | n/a | +82% | -32% | n/a | n/a | n/a |
| First Advantage FA | United States | $4.04B | +47% | +33% | 11% | 17.4× | 20.8% | +25.3% |
| Agilysys AGYS | United States | $3.42B | +69% | +15% | 13% | 41.6× | 22.9% | +18.4% |
| Talkweb Information System 002261.SZ | China | $4.11B | -39% | +9% | 1% | n/a | n/a | n/a |
| Kingdee International Software 0268.HK | Hong Kong | $4.16B | +3% | +17% | 2% | 65.4× | 45.4% | +15.0% |
| Intapp INTA | United States | $3.35B | +76% | +14% | -4% | 25.7× | 4.3% | +21.9% |
| OPENLANE OPLN | United States | $4.22B | -9% | +13% | 17% | 20.7× | 11.1% | -2.4% |
| China National Software & Service 600536.SS | China | $4.22B | -20% | -16% | 0% | 131.0× | 49.7% | -7.3% |