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Makes cybersecurity software, including antivirus and cloud security, for consumers and enterprises worldwide.
Makes cybersecurity software, including antivirus and cloud security, for consumers and enterprises worldwide.
Sells subscriptions for security software and services, charged per user or device and renewed yearly, to businesses far more than to consumers, who now account for a smaller share. A large share of sales comes from outside Japan.
In one line: Japan's McAfee/Symantec.
Moat: narrow (brand, switching costs, installed base). Established global security brand with enterprise deployments that are costly to switch.
Headquarters: Tokyo, Japan · Founded: 1988 · Employees: 6,717
Size Trend Micro (4704.T) is a Japan Information Technology company (Packaged Software) with a market value of $5.39B, the 227th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥6,478 on 6 Nov 2026.
Performance Over six months the shares gained 18.3%, against +11.7% for the median peer and +1.8% for the Japan market (cap-weighted) — 9th highest of 19 in its peer set.
Growth Revenue grew 6.9% over the last twelve months (peer median +14.5%); the operating margin is 17.6% (peer median 14.5%).
Valuation It trades at 27.4× forward earnings against a peer median of 22.4× (7th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about -4% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is -14 pp: the price already allows for a slowdown.
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥291B | ¥276B | ¥273B | ¥249B | ¥224B |
| Revenue growth | — | +1% | +10% | +11% | — |
| Gross profit | ¥225B | ¥212B | ¥208B | ¥185B | ¥169B |
| EBITDA | ¥78.2B | ¥84.8B | ¥77.0B | ¥60.9B | ¥56.5B |
| Net income | ¥35.4B | ¥34.5B | ¥34.4B | ¥10.7B | ¥29.8B |
| Free cash flow | ¥63.8B | ¥63.5B | ¥45.6B | ¥55.0B | ¥55.5B |
| Capital expenditure | ¥22.5B | ¥22.9B | ¥24.9B | ¥26.4B | ¥21.0B |
| Total debt | ¥0 | ¥0 | ¥0 | ¥0 | ¥0 |
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 |
|---|---|---|---|---|---|---|
| Trend Micro 4704.T | $5.39B | +18% | +7% | 18% | 27.4× | -4.1% |
| Palo Alto Networks PANW | $257B | +51% | +24% | 5% | 75.0× | n/a |
| CrowdStrike CRWD | $222B | +64% | +24% | -1% | 153.6× | 52.4% |
| Fortinet FTNT | $87.3B | +4% | +20% | 33% | 31.6× | 22.4% |
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 | 4704.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.5% | +4.6% | 2nd lowest of 21 |
| 6-month return | +18.3% | +11.7% | 9th highest of 19 |
| Distance from 52-week high | -17.5% | -33.7% | 6th highest of 21 |
| Revenue growth (TTM) | +6.9% | +14.5% | 5th lowest of 21 |
| Operating margin | 17.6% | 14.5% | 9th highest of 21 |
| Forward P/E | 27.4× | 22.4× | 7th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | -4.1% | 15.6% | least demanding of 18 |
| Growth delivered (Del g) | +9.7% | +16.0% | 7th lowest of 18 |
| Hurdle (Req g minus delivered) | -13.8 pp | -3.7 pp | 6th least demanding of 18 |
| EV / EBITDA | 7.9× | 16.5× | cheapest of 11 |
| Net debt / EBITDA | -3.0× | 0.2× | 2nd least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Trend Micro 4704.T | Japan | $5.39B | +18% | +7% | 18% | 27.4× | -4.1% | +9.7% |
| Waystar WAY | United States | $5.45B | +33% | +21% | 24% | 15.8× | 7.5% | +16.0% |
| Kingnet Network 002517.SZ | China | $5.47B | -4% | +62% | 29% | 13.7× | 6.3% | +28.1% |
| 37 Interactive Entertainment Network Technology 002555.SZ | China | $5.29B | -24% | -10% | 14% | 14.2× | 5.0% | +2.1% |
| AutoStore AUTO.OL | Norway | $5.20B | +8% | +17% | 33% | 27.4× | 18.5% | +27.0% |
| Octave Intelligence OCTV | United States | $5.60B | n/a | +1% | 20% | 14.7× | 17.0% | +1.3% |
| Giant Network 002558.SZ | China | $5.61B | -35% | +105% | 48% | 10.0× | -2.1% | +17.9% |
| Varonis Systems VRNS | United States | $5.63B | +71% | +18% | -25% | 138.0× | 23.0% | +16.3% |
| BlackBerry BB.TO | Canada | $5.16B | +48% | +14% | 16% | 40.8× | 33.6% | -8.6% |
| Mphasis MPHASIS.NS | India | $5.15B | +15% | +14% | 15% | 22.4× | 28.7% | +10.6% |
| Lumine LMN.V | Canada | $5.14B | +38% | +15% | 21% | 18.1× | 15.6% | +36.8% |
| iSoftStone Information Technology (Group) 301236.SZ | China | $5.13B | -16% | +13% | 0% | 105.2× | n/a | n/a |
| Baige Online Digital Technology 2672.HK | Hong Kong | $5.07B | n/a | +34% | -3% | n/a | n/a | n/a |
| Sezzle SEZL | United States | $5.05B | +146% | +43% | 40% | 22.4× | 28.8% | +50.3% |
| Doximity DOCS | United States | $5.79B | +25% | +11% | 31% | 23.3× | 16.3% | +25.5% |
| Beijing HyperStrong Technology 688411.SS | China | $4.99B | -29% | +38% | 12% | 16.7× | n/a | n/a |
| Klaviyo KVYO | United States | $5.90B | +36% | +29% | -2% | 19.7× | 7.0% | +37.7% |
| Shanghai Baosight Software 600845.SS | China | $5.97B | -24% | +11% | 10% | 30.3× | 6.9% | +1.4% |
| Asseco Poland ACP.WA | Poland | $4.85B | +31% | +2% | 11% | 23.5× | 4.0% | +6.6% |
| NIQ Global Intelligence NIQ | United States | $6.02B | +5% | +9% | 8% | 17.1× | 10.9% | +14.6% |
| Hundsun Technologies 600570.SS | China | $6.05B | -20% | -5% | 9% | 30.1× | 34.8% | +7.0% |