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Runs Japan's top messaging app (LINE) and search/e-commerce portal (Yahoo! Japan), formed by their 2023 merger.
Runs Japan's top messaging app (LINE) and search/e-commerce portal (Yahoo! Japan), formed by their 2023 merger.
Earns mostly from advertising on LINE and Yahoo! Japan, with commerce fees and payments and financial services as the other legs. Control sits with A Holdings, owned jointly by SoftBank and Naver, which put the two services under one roof in 2023.
In one line: A merged Japanese WhatsApp plus Yahoo.
Moat: narrow (network effects, brand, installed base). LINE is the dominant messaging app across Japan/Taiwan/Thailand, hard to displace once a country standardizes on it.
Headquarters: Tokyo, Japan · Founded: 2023 · Employees: 29,863
Size Ly Corporation (4689.T) is a Japan Consumer Discretionary company (Internet Software/Services) with a market value of $23.2B, the 74th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥541 on 6 Nov 2026.
Performance Over six months the shares gained 31.2%, against +26.8% for the median peer and +1.8% for the Japan market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 8.1% over the last twelve months (peer median +6.6%); the operating margin is 14.7% (peer median 8.8%).
Valuation It trades at 18.5× forward earnings against a peer median of 15.3× (10th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -10 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.1 points below its cost of capital (5.0% WACC).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥2.10T | ¥2.04T | ¥1.92T | ¥1.81T | ¥1.67T |
| Revenue growth | — | +6% | +6% | +9% | — |
| Gross profit | ¥1.55T | ¥1.51T | ¥1.39T | ¥1.29T | ¥1.16T |
| EBITDA | ¥491B | ¥462B | ¥475B | ¥362B | ¥302B |
| Net income | ¥203B | ¥194B | ¥153B | ¥113B | ¥179B |
| Free cash flow | ¥516B | ¥637B | ¥467B | ¥264B | ¥209M |
| Capital expenditure | ¥0 | ¥0 | ¥0 | ¥71.0B | ¥149B |
| Total debt | ¥2.28T | ¥1.96T | ¥1.69T | ¥1.88T | ¥1.91T |
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 |
|---|---|---|---|---|---|---|
| Ly Corporation 4689.T | $23.2B | +31% | +8% | 15% | 18.5× | 0.8% |
| Meta Platforms META | $1.56T | 0% | +28% | 33% | 19.0× | 16.6% |
| Rakuten 4755.T | $8.59B | -18% | +11% | 6% | n/a | -2.0% |
| Alphabet Inc. (Class A) GOOGL | $3.47T | -29% | +22% | 33% | 20.5× | 18.5% |
| Kakao 035720.KS | $10.5B | -32% | +6% | 11% | 25.6× | -4.8% |
Peer set: Sector in the same market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 4689.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.2% | +6.0% | 6th highest of 21 |
| 6-month return | +31.2% | +26.8% | 8th highest of 21 |
| Distance from 52-week high | -5.2% | -10.4% | 2nd highest of 21 |
| Revenue growth (TTM) | +8.1% | +6.6% | 10th highest of 21 |
| Operating margin | 14.7% | 8.8% | 5th highest of 21 |
| Forward P/E | 18.5× | 15.3× | 10th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 0.8% | 3.5% | 6th least demanding of 20 |
| Growth delivered (Del g) | +11.0% | +11.4% | 9th lowest of 20 |
| Hurdle (Req g minus delivered) | -10.3 pp | -7.3 pp | 7th least demanding of 20 |
| ROIC minus cost of capital | -1.1 pp | +1.0 pp | 10th lowest of 21 |
| EV / EBITDA | 11.1× | 9.0× | 7th most expensive of 20 |
| Net debt / EBITDA | 2.2× | 0.1× | 6th most indebted of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ly Corporation 4689.T | Japan | $23.2B | +31% | +8% | 15% | 18.5× | 0.8% | +11.0% |
| Aeon 8267.T | Japan | $21.4B | -19% | +11% | 2% | 51.1× | 3.5% | +4.5% |
| Asics 7936.T | Japan | $20.7B | +10% | +28% | 19% | 27.1× | 14.1% | +19.8% |
| Bandai Namco 7832.T | Japan | $26.1B | +76% | +9% | 15% | 25.5× | -0.4% | +12.7% |
| Sumitomo Electric Industries 5802.T | Japan | $27.3B | -47% | +14% | 9% | 11.4× | 13.3% | +11.9% |
| Suzuki Motor 7269.T | Japan | $27.3B | +26% | +14% | 9% | 9.1× | -0.8% | +14.6% |
| Bridgestone 5108.T | Japan | $31.7B | +28% | +6% | 12% | 14.0× | -1.9% | +10.4% |
| Denso 6902.T | Japan | $32.5B | -1% | +7% | 7% | 12.1× | 3.4% | +8.8% |
| Ryohin Keikaku 7453.T | Japan | $16.4B | +31% | +18% | 11% | 32.4× | 9.5% | +15.3% |
| Oriental Land 4661.T | Japan | $36.7B | +61% | +6% | 24% | 41.9× | 9.3% | +32.8% |
| Sekisui House 1928.T | Japan | $14.1B | +2% | -2% | 9% | 10.0× | -5.1% | +11.4% |
| Subaru 7270.T | Japan | $12.3B | +16% | 0% | 3% | 12.0× | 2.7% | +11.1% |
| Zensho 7550.T | Japan | $12.2B | +41% | +12% | 7% | 34.3× | 6.1% | +16.3% |
| Honda Motor 7267.T | Japan | $45.2B | +45% | +4% | -1% | 11.7× | 18.2% | +10.6% |
| Nitori 9843.T | Japan | $11.7B | +47% | 0% | 13% | 20.0× | 2.7% | +4.9% |
| Shimano 7309.T | Japan | $11.5B | +29% | +5% | 12% | 35.8× | 6.0% | +4.3% |
| Toray Industries 3402.T | Japan | $11.1B | +6% | +6% | 6% | 16.6× | 5.5% | +6.5% |
| Yamaha Motor 7272.T | Japan | $10.1B | +54% | +10% | 6% | 9.3× | 4.2% | +11.5% |
| Sanrio 8136.T | Japan | $9.78B | +33% | +28% | 39% | 22.4× | 1.9% | +36.4% |
| Aisin 7259.T | Japan | $9.78B | -14% | +6% | 4% | 10.0× | -0.3% | +7.7% |
| Isuzu Motors 7202.T | Japan | $9.26B | -1% | +5% | 6% | 8.8× | n/a | n/a |