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Employees: 537
Size Akatsuki (3932.T) is a Japan Information Technology company (Packaged Software) with a market value of $327M, the 1306th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥3,900 on 6 Nov 2026.
Performance Over six months the shares gained 28.9%, against -11.9% for the median peer and +1.8% for the Japan market (cap-weighted) — 4th highest of 19 in its peer set.
Growth Revenue grew 31.3% over the last twelve months (peer median +9.7%); the operating margin is 34.3% (peer median 10.1%).
Valuation It trades at 6.3× forward earnings against a peer median of 18.9× (2nd cheapest of 10).
Price implies For today's price to make sense, revenue must grow about -14% a year for seven years (Req g). Recent delivered growth is -4%, so the hurdle is -10 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 13.2 points above its cost of capital (6.0% WACC).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥28.7B | ¥25.9B | ¥23.7B | ¥24.0B | ¥24.3B |
| Revenue growth | — | +9% | -1% | -1% | — |
| Gross profit | ¥16.3B | ¥14.0B | ¥13.7B | ¥13.5B | ¥14.4B |
| EBITDA | ¥10.4B | ¥7.86B | ¥4.04B | ¥2.85B | ¥5.85B |
| Net income | ¥7.60B | ¥5.65B | ¥1.65B | ¥1.29B | ¥1.34B |
| Free cash flow | n/a | ¥2.63B | ¥3.80B | -¥246M | ¥5.00B |
| Capital expenditure | n/a | ¥592M | ¥345M | ¥241M | ¥56.0M |
| Total debt | ¥34.9B | ¥11.7B | ¥6.10B | ¥7.10B | ¥10.2B |
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.
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 | 3932.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.1% | -6.8% | 7th highest of 20 |
| 6-month return | +28.9% | -11.9% | 4th highest of 19 |
| Distance from 52-week high | -3.1% | -45.8% | highest of 20 |
| Revenue growth (TTM) | +31.3% | +9.7% | 3rd highest of 21 |
| Operating margin | 34.3% | 10.1% | 3rd highest of 20 |
| Forward P/E | 6.3× | 18.9× | 2nd cheapest of 10 |
| Growth the price implies (Req g, 7 yrs) | -13.6% | 8.3% | 2nd least demanding of 9 |
| Growth delivered (Del g) | -3.6% | +16.0% | lowest of 9 |
| Hurdle (Req g minus delivered) | -10.0 pp | -4.6 pp | 4th least demanding of 9 |
| ROIC minus cost of capital | +13.2 pp | -2.4 pp | 2nd highest of 17 |
| EV / EBITDA | 4.6× | 17.6× | cheapest of 10 |
| Net debt / EBITDA | -0.3× | -1.2× | 5th most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Akatsuki 3932.T | Japan | $327M | +29% | +31% | 34% | 6.3× | -13.6% | -3.6% |
| Sidetrade ALBFR.PA | France | $327M | +24% | +13% | 5% | 30.6× | 33.9% | +16.1% |
| eMudhra EMUDHRA.NS | India | $324M | -31% | +30% | 18% | 22.3× | n/a | n/a |
| toggle 652A.T | Japan | $331M | n/a | +25% | 9% | n/a | n/a | n/a |
| cBrain A/S CBRAIN.CO | Denmark | $332M | +84% | -1% | 24% | 39.7× | 11.6% | +15.9% |
| Stillfront SF.ST | Sweden | $320M | +9% | -12% | 16% | 4.2× | -15.4% | +7.4% |
| Reconova Technologies 7656.HK | Hong Kong | $336M | n/a | +12% | -15% | n/a | n/a | n/a |
| Zengame Technology 2660.HK | Hong Kong | $318M | -15% | +19% | 24% | n/a | n/a | n/a |
| COLOPL 3668.T | Japan | $337M | -4% | -13% | 10% | 18.9× | n/a | n/a |
| Wuhan Xingtu Xinke Electronics 688081.SS | China | $337M | -59% | -13% | -49% | n/a | n/a | n/a |
| DEAR U 376300.KS | South Korea | $338M | -40% | +20% | 22% | 15.0× | 5.1% | +45.1% |
| 7Road 0797.HK | Hong Kong | $338M | +83% | +71% | 27% | n/a | n/a | n/a |
| Cerillion CER.L | United Kingdom | $314M | -41% | +1% | 39% | 16.4× | 1.4% | +16.9% |
| Beijing Infosec Technologies 688201.SS | China | $340M | -9% | +7% | 2% | 42.1× | 56.5% | +5.5% |
| SaverOne 2014 Ltd. ADR SVRE | United States | $342M | -85% | -68% | -6,262% | n/a | n/a | n/a |
| Carvolix CVX.PA | France | $342M | +62% | -100% | n/a | n/a | n/a | n/a |
| CELSYS 3663.T | Japan | $344M | +22% | +16% | 36% | 17.6× | 3.4% | +8.2% |
| Hangzhou Yitong New Materials 300930.SZ | China | $345M | -27% | +51% | 7% | n/a | n/a | n/a |
| EHang Holdings Ltd. Sponsored ADR EH | United States | $309M | -61% | -3% | -86% | n/a | n/a | n/a |
| Hunan Creator Information Technologies 300730.SZ | China | $346M | -28% | -4% | -53% | n/a | n/a | n/a |
| FFRI Security 3692.T | Japan | $347M | +15% | +28% | 29% | n/a | 34.6% | +21.9% |