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Japanese video game publisher behind Final Fantasy and Dragon Quest franchises.
Japanese video game publisher behind Final Fantasy and Dragon Quest franchises.
Earns from selling games and from long-running online and mobile titles that charge for in-game items, with Dragon Quest and Final Fantasy as the proven hits. Revenue is lumpy because big releases cluster. It sold several Western studios and Tomb Raider to Embracer in 2022, and a 2024 restructuring shifted it toward more consoles.
In one line: Japan's Activision Blizzard/Take-Two.
Moat: narrow (IP / patents, brand). Decades-old, globally beloved game franchises create durable licensing and sequel demand.
Headquarters: Tokyo, Japan · Founded: 1975 · Employees: 4,290
Size Square Enix (9684.T) is a Japan Information Technology company (Packaged Software) with a market value of $7.02B, the 181st largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥3,069 on 6 Nov 2026.
Performance Over six months the shares gained 24.9%, against +12.6% for the median peer and +1.8% for the Japan market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 0.9% over the last twelve months (peer median +15.2%); the operating margin is 19.8% (peer median 11.3%).
Valuation It trades at 26.9× forward earnings against a peer median of 52.6× (7th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -5% a year for seven years (Req g). Recent delivered growth is -2%, so the hurdle is -3 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 38.7 points above its cost of capital (5.0% WACC).
Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥317B | ¥298B | ¥325B | ¥356B | ¥343B |
| Revenue growth | — | -8% | -9% | +4% | — |
| Gross profit | ¥170B | ¥155B | ¥159B | ¥164B | ¥173B |
| EBITDA | ¥71.5B | ¥63.1B | ¥49.0B | ¥40.1B | ¥51.3B |
| Net income | ¥38.1B | ¥29.6B | ¥24.4B | ¥14.9B | ¥49.3B |
| Free cash flow | n/a | ¥45.3B | ¥31.9B | ¥43.0B | ¥6.55B |
| Capital expenditure | n/a | ¥7.39B | ¥12.1B | ¥10.4B | ¥8.55B |
| Total debt | ¥4.26B | ¥3.26B | ¥1.54B | ¥2.15B | ¥2.17B |
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 |
|---|---|---|---|---|---|---|
| Square Enix 9684.T | $7.02B | +25% | +1% | 20% | 26.9× | -5.4% |
| Capcom 9697.T | $11.0B | +25% | +21% | 41% | 27.0× | -2.2% |
| Bandai Namco 7832.T | $26.1B | +76% | +9% | 15% | 25.5× | -0.4% |
| Take-Two Interactive TTWO | $40.2B | -3% | +15% | -1% | 26.7× | 44.7% |
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 | 9684.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.2% | -0.4% | 5th highest of 21 |
| 6-month return | +24.9% | +12.6% | 8th highest of 21 |
| Distance from 52-week high | -7.0% | -19.2% | 2nd highest of 21 |
| Revenue growth (TTM) | +0.9% | +15.2% | 4th lowest of 21 |
| Operating margin | 19.8% | 11.3% | 9th highest of 21 |
| Forward P/E | 26.9× | 52.6× | 7th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -5.4% | 19.8% | 2nd least demanding of 16 |
| Growth delivered (Del g) | -2.1% | +16.8% | 2nd lowest of 16 |
| Hurdle (Req g minus delivered) | -3.3 pp | -4.9 pp | 8th most demanding of 16 |
| ROIC minus cost of capital | +38.7 pp | +1.1 pp | 8th highest of 18 |
| EV / EBITDA | 11.9× | 29.9× | cheapest of 14 |
| Net debt / EBITDA | -3.6× | -1.4× | 3rd least indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Square Enix 9684.T | Japan | $7.02B | +25% | +1% | 20% | 26.9× | -5.4% | -2.1% |
| MiniMax 0100.HK | Hong Kong | $7.00B | -81% | +159% | -407% | n/a | n/a | n/a |
| CD PROJEKT RED Spolka Akcyjna CDR.WA | Poland | $6.80B | +4% | -14% | 54% | 53.4× | 35.0% | -16.5% |
| UiPath PATH | United States | $6.78B | +20% | +15% | 9% | 15.2× | 19.2% | +21.5% |
| Kunlun Tech 300418.SZ | China | $7.33B | -21% | +48% | -21% | 1,291.3× | n/a | n/a |
| InterDigital IDCC | United States | $7.35B | +2% | -12% | 45% | 41.4× | 13.4% | +18.4% |
| Technology One TNE.AX | Australia | $7.40B | +15% | +14% | 29% | 56.7× | 33.3% | +14.9% |
| Qualys QLYS | United States | $6.59B | +102% | +11% | 35% | 23.7× | 4.7% | +13.1% |
| Duolingo DUOL | United States | $7.51B | +49% | +23% | 12% | 52.6× | 19.8% | +45.0% |
| Dropbox DBX | United States | $7.54B | +20% | 0% | 26% | 11.1× | -5.0% | +5.7% |
| Clear Secure YOU | United States | $7.55B | -2% | +23% | 26% | 24.2× | 15.8% | +31.3% |
| Sectra SECT-B.ST | Sweden | $6.53B | +27% | +14% | 20% | 85.0× | 29.0% | +16.8% |
| SentinelOne S | United States | $7.58B | +31% | +21% | -26% | 54.7× | 53.7% | +60.8% |
| Commvault Systems CVLT | United States | $6.48B | +51% | +14% | 10% | 27.6× | 26.9% | +10.3% |
| Horizon Robotics 9660.HK | Hong Kong | $7.61B | -48% | +46% | -101% | 159.5× | n/a | n/a |
| Empyrean Technology 301269.SZ | China | $7.70B | +5% | +15% | -10% | 357.4× | n/a | n/a |
| Oracle Corporation Japan 4716.T | Japan | $7.73B | +10% | +10% | 32% | 17.0× | -6.9% | +6.5% |
| Zeta Global ZETA | United States | $7.79B | +81% | +36% | 3% | 28.2× | 49.7% | +28.8% |
| Sangfor Technologies 300454.SZ | China | $7.84B | +5% | +21% | 2% | 71.4× | 46.1% | +6.9% |
| International Games System 3293.TWO | Taiwan | $6.27B | 0% | +15% | 59% | 14.4× | -4.0% | +21.2% |
| Navan NAVN | United States | $6.25B | +36% | +35% | -25% | 76.3× | n/a | n/a |