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note inc.5243.TCompetitor analysis, valuation and peers

Japan · JPY·Information Technology›Internet Software/Services
Momentum strong 69
Mkt cap
$315M
US dollars, full cap
Free float
43%
of shares outstanding
$/day
$8.82M
20-day average traded
Fwd P/E
101.5×
forward earnings
ROIC−WACC
n/a
WACC 5.0%
Hurdle
-3 pp
Req g minus delivered
Next earnings
74 days
19 Jan 2027
Close · JPY¥2,557
1D-4.0%
1W-8.9%
1M-33.6%
3M+28.9%
6M+5.5%
YTD+56.7%
1Y+72.2%
ATR %8.5%
52w lowhigh37.9% off high

What note does

Employees: 158

note at a glance

Size note (5243.T) is a Japan Information Technology company (Internet Software/Services) with a market value of $315M, the 1336th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,557 on 6 Nov 2026.

Performance Over six months the shares gained 5.5%, against -6.7% for the median peer and +1.8% for the Japan market (cap-weighted) — 6th highest of 21 in its peer set.

Growth Revenue grew 32.2% over the last twelve months (peer median +6.1%); the operating margin is 19.0% (peer median 2.4%).

Valuation It trades at 101.5× forward earnings against a peer median of 14.3× (most expensive of 11).

Price implies For today's price to make sense, revenue must grow about 19% a year for seven years (Req g). Recent delivered growth is +22%, so the hurdle is -3 pp: the price already allows for a slowdown.

Next results Next results expected around 19 Jan 2027 (exchange calendar; dates can move).

Relative performance

10015011 May 202611 Aug 20266 Nov 20265243.T 108Peer median 92
Six months, rebased to 100: note against the median of its 20 peers (local-currency closes).

note financials

Reported figures in JPY; fiscal year ends 2025-11-30. TTM = trailing twelve months.
TTMFY2025FY2024FY2023FY2022
Revenue¥5.15B¥4.14B¥3.31B¥2.78B¥2.32B
Revenue growth—+25%+19%+20%—
Gross profit¥4.63B¥3.88B¥3.11B¥2.56B¥2.08B
EBITDA¥981M¥263M¥62.2M-¥367M-¥713M
Net income¥1.22B¥441M¥98.9M-¥415M-¥756M
Free cash flown/a¥393Mn/a-¥359M-¥683M
Capital expendituren/a¥0¥1.39M¥12.4M¥23.0M
Total debt¥0¥682M¥80.0M¥160M¥160M

Quarterly statements and history in the cockpit →

note competitor charts

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.

Performance: 6-month against 1-month return

-50%0%+50%-25%0%+25%3012996608ZIP300937SOHUPERI34913009876183GIBO7366TBLAJUSTDIAL26874819SDRJMIACARS5243.T6-month return →1-month return →
Up and to the right = strong over both horizons. note is the large dot.

Fundamentals: revenue growth against valuation

0%+10%+20%+30%0×50×100×PERI349173662326TBLAJUSTDIAL4819SDR5243.TRevenue growth (TTM) →Forward P/E →
Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. note is the large dot.

Capital: growth delivered against growth the price implies

0%+200%+400%+600%+800%0%250%500%750%301299ZIPPERI3009877366TBLA5243.TGrowth delivered (Del g) →Growth the price implies (Req g, 7 yrs) →
Above the diagonal = the price needs more growth than the company has been delivering; below = the price already allows for a slowdown. note is the large dot.

note competitors and peer comparison

How note compares with its peers

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.

note against its 20 peers (data as of 6 Nov 2026)
Measure5243.TPeer medianRank in peer set
1-month return-33.6%-0.9%3rd lowest of 21
6-month return+5.5%-6.7%6th highest of 21
Distance from 52-week high-37.9%-35.0%9th lowest of 21
Revenue growth (TTM)+32.2%+6.1%highest of 21
Operating margin19.0%2.4%4th highest of 20
Forward P/E101.5×14.3×most expensive of 11
Growth the price implies (Req g, 7 yrs)18.7%8.9%5th most demanding of 13
Growth delivered (Del g)+22.1%+8.7%3rd highest of 13
Hurdle (Req g minus delivered)-3.4 pp-0.7 pp6th least demanding of 13
EV / EBITDA42.6×11.2×most expensive of 8
Net debt / EBITDA-8.1×-0.7×4th least indebted of 12

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
CompanyMarketMarket cap6M returnRevenue growthOp. marginForward P/EReq gDelivered g
note 5243.TJapan$315M+5%+32%19%101.5×18.7%+22.1%
Sublime China Information 301299.SZChina$318M-35%+10%19%n/a9.0%+10.4%
Bairong 6608.HKHong Kong$311M-27%-29%-26%n/an/an/a
ZipRecruiter ZIPUnited States$309M+4%0%0%n/a45.4%+1.4%
Sichuan Hezong Medicine Easy-to-buy Pharmaceutical 300937.SZChina$304M-24%+4%0%n/an/an/a
Sohu.com Limited Sponsored ADR SOHUUnited States$361M-12%+9%-7%n/an/an/a
Perion Network PERIUnited States$370M+3%+3%-4%8.2×-19.5%+6.0%
GA technologies 3491.TJapan$375M-6%+28%2%10.9×n/an/a
Sichuan Newsnet Media (Group) 300987.SZChina$386M-13%-13%3%n/a16.2%+9.6%
Trade-Van Information Services 6183.TWTaiwan$406M-3%+8%26%n/a-4.7%+7.7%
GIBO GIBOUnited States$428M+412%-100%n/an/an/an/a
LITALICO 7366.TJapan$455M+67%+17%13%18.6×8.8%+107.1%
Digital Arts 2326.TJapan$461M-8%+17%47%17.6×-10.9%+9.7%
Taboola.com TBLAUnited States$540M-62%+2%4%7.3×-7.3%+753.1%
Zhejiang NetSun 002095.SZChina$583M-5%-2%-2%n/a20.0%+6.6%
Just Dial JUSTDIAL.NSIndia$610M+24%+9%25%10.9×n/an/a
Shanghai Able Digital Science&Tech 2687.HKHong Kong$612M-50%+19%10%20.6×n/an/a
Digital Garage 4819.TJapan$654M-10%+4%-6%61.2×30.0%+7.1%
SiteMinder SDR.AXAustralia$666M+14%+19%-2%94.9×21.9%+21.4%
Jumia Technologies AG Sponsored ADR JMIAUnited States$676M-29%+27%-27%n/an/an/a
Cars.com CARSUnited States$715M+14%+1%11%6.2×5.7%+5.7%

Questions

Which companies are note's closest peers?
The cockpit's peer set: Sublime China Information (301299.SZ), Bairong (6608.HK), ZipRecruiter (ZIP), Sichuan Hezong Medicine Easy-to-buy Pharmaceutical (300937.SZ), Sohu.com Limited Sponsored ADR (SOHU), Perion Network (PERI), GA technologies (3491.T), Sichuan Newsnet Media (Group) (300987.SZ).
Is note expensive compared with its peers?
On forward p/e it trades at 101.5× against a peer median of 14.3×, most expensive of 11 in its peer set. For today's price to make sense, revenue must grow about 19% a year for seven years (Req g). Recent delivered growth is +22%, so the hurdle is -3 pp: the price already allows for a slowdown.
How has note stock performed?
Over six months to 6 Nov 2026 the shares returned +5.5% against -6.7% for the median peer; over one year +72.2%.

How these numbers are made. Returns are close-to-close in local currency. Revenue growth and margins are trailing twelve months. Req g is the revenue growth that today's enterprise value requires for seven years at the company's own cost of capital; Delivered g is what it actually grew; the gap is the hurdle (honest precision about ±8 points, so read the ranking more than the decimal). No fair values, price targets or analyst ratings are shown, by design. Method and validation.