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ispace,inc.9348.TCompetitor analysis, valuation and peers

Japan · JPY·Industrials›Aerospace & Defense
Momentum laggard 12
Mkt cap
$311M
US dollars, full cap
Free float
70%
of shares outstanding
$/day
$1.89M
20-day average traded
P/B
5.66×
price to book
ROE
-186.7%
delivered
Implied ROE
68.4%
what the price asks
Next earnings
7 days
13 Nov 2026
Close · JPY¥335
1D-4.0%
1W-9.9%
1M-16.2%
3M-16.9%
6M-28.4%
YTD-25.2%
1Y-29.5%
ATR %3.4%
52w lowhigh52.8% off high

What ispace,inc does

Employees: 333

ispace,inc at a glance

Size ispace,inc (9348.T) is a Japan Industrials company (Aerospace & Defense) with a market value of $311M, the 1339th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥335 on 6 Nov 2026.

Performance Over six months the shares fell 28.4%, against -22.6% for the median peer and +1.8% for the Japan market (cap-weighted) — 9th lowest of 20 in its peer set.

Growth Revenue fell 56.2% over the last twelve months (peer median +8.9%); the operating margin is -681.1% (peer median 6.0%).

Valuation It trades at 5.66× book value against a peer median of 2.98× (3rd most expensive of 21).

Price implies The share price implies a return on equity of about 68.4%; ispace,inc delivers -186.7%, so the price asks more than the business earns today.

Next results Next results expected around 13 Nov 2026 (exchange calendar; dates can move).

Relative performance

7510012515011 May 202611 Aug 20266 Nov 2026Peer median 779348.T 71
Six months, rebased to 100: ispace,inc against the median of its 20 peers (local-currency closes).

ispace,inc financials

Reported figures in JPY; fiscal year ends 2026-03-31. TTM = trailing twelve months.
TTMFY2025FY2024FY2023FY2022
Revenue¥2.31B¥3.31B¥4.74B¥2.36B¥989M
Revenue growth—-30%+101%+138%—
Gross profit-¥7.71B-¥2.85B¥2.24B¥928M¥553M
EBITDA-¥15.5B-¥11.4B-¥9.63B-¥5.42B-¥11.0B
Net income-¥11.6B-¥8.15B-¥11.9B-¥2.37B-¥11.4B
Free cash flown/a-¥15.6B-¥14.5B-¥7.05B-¥7.38B
Capital expendituren/a¥2.07B¥2.53B¥2.06B¥84.6M
Total debt¥29.8B¥29.7B¥16.4B¥12.9B¥6.78B

Quarterly statements and history in the cockpit →

ispace,inc 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%-20%0%0029771449606829300965688511688244MSIIDEAFORGE002933SPCE603261TATT77216946FGASATL9348.T6-month return →1-month return →
Up and to the right = strong over both horizons. ispace,inc is the large dot.

Fundamentals: return on equity against price-to-book

-150%-100%-50%0%20×40×60×0029771449606829300965688511IAMSIIDEAFORGE688070SPCE603261TATT6946PKESATL9348.TReturn on equity →Price / book →
A bank or insurer earning more on its equity usually trades at a higher multiple of book; points far above the trend are priced for more. ispace,inc is the large dot.

Capital: ROE delivered against the ROE the price implies

-200%-100%0%-200%-100%0%0029771449606829300965IASPCE6032619348.TROE delivered →ROE the price implies →
Above the diagonal = the price asks for a higher return on equity than the business earns today. ispace,inc is the large dot.

ispace,inc competitors and peer comparison

How ispace,inc 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.

ispace,inc against its 20 peers (data as of 6 Nov 2026)
Measure9348.TPeer medianRank in peer set
1-month return-16.2%-10.3%10th lowest of 21
6-month return-28.4%-22.6%9th lowest of 20
Return on equity-186.7%1.4%lowest of 21
Price / book5.66×2.98×3rd most expensive of 21
ROE the price implies68.4%22.8%3rd most demanding of 21
ROE delivered-186.7%1.9%lowest of 19

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
CompanyMarketMarket cap6M returnRevenue growthROEPrice / bookImplied ROEDelivered ROE
ispace,inc 9348.TJapan$311M-28%-56%-187%5.66×68.4%-186.7%
Chengdu Tianjian Technology 002977.SZChina$306M-37%-357%-21%2.40×17.3%-20.6%
New Power Plasma 144960.KSSouth Korea$326M+62%+22%12%1.39×9.2%11.9%
Chenfull Precision 6829.TWOTaiwan$293M-40%+34%17%5.08×37.9%17.0%
Beijing Hengyu Datacom Aviation Equipment 300965.SZChina$338M-33%-11%0%1.88×18.6%0.2%
Sichuan Tianwei Electronic 688511.SSChina$342M-20%-56%-1%2.80×25.8%-0.8%
Integrity Technology 688244.SSChina$344M-23%-28%-6%2.50×30.7%-6.4%
Innovative Solutions and Support IAUnited States$348Mn/a+20%28%4.51×25.8%28.5%
MS International MSI.LUnited Kingdom$350M-8%-2%17%3.81×17.5%17.0%
Ideaforge Technology IDEAFORGE.NSIndia$353M-15%+221%-3%4.84×85.1%n/a
Chengdu Jouav Automation Tech 688070.SSChina$399M-34%+5%2%4.41×40.5%2.0%
Beijing Andawell Science & Technology 300719.SZChina$400M-32%-3%-2%2.66×19.0%-1.8%
Beijing Emerging Eastern Aviation Equipment 002933.SZChina$420M-20%-6%2%1.84×13.0%1.7%
Virgin Galactic SPCEUnited States$420M-6%-39%-75%0.99×19.7%-75.1%
Chengdu Lihang Technology 603261.SSChina$458M+19%+35%-36%6.58×44.5%-36.5%
TAT Technologies TATTUnited States$481M+2%+14%13%2.44×19.8%13.0%
Tokyo Keiki 7721.TJapan$494M-37%+5%10%1.72×19.1%9.9%
Nippon Avionics 6946.TJapan$505M-26%+45%32%3.81×35.2%32.1%
Figeac Aero FGA.PAFrance$506M-3%+13%1%5.26×34.3%1.1%
Park Aerospace PKEUnited States$515M-30%+28%11%3.17×16.1%11.1%
Satellogic SATLUnited States$535M-54%+369%-128%15.79×150.0%n/a

Questions

Which companies are ispace,inc's closest peers?
The cockpit's peer set: Chengdu Tianjian Technology (002977.SZ), New Power Plasma (144960.KS), Chenfull Precision (6829.TWO), Beijing Hengyu Datacom Aviation Equipment (300965.SZ), Sichuan Tianwei Electronic (688511.SS), Integrity Technology (688244.SS), Innovative Solutions and Support (IA), MS International (MSI.L).
Is ispace,inc expensive compared with its peers?
On price / book it trades at 5.66× against a peer median of 2.98×, 3rd most expensive of 21 in its peer set. The share price implies a return on equity of about 68.4%; ispace,inc delivers -186.7%, so the price asks more than the business earns today.
How has ispace,inc stock performed?
Over six months to 6 Nov 2026 the shares returned -28.4% against -22.6% for the median peer; over one year -29.5%.

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.