SHIFT Inc.

3697.T · Technology · Software - Application · Valued as of 2026-11-03 · Statements 2025-08-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

1.23B USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

1.09B USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

672.53M USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

996.85M USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

1.45B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.69×

the ratio the screener ranks by

Margin of Safety

-45.7%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 1.23B USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)1.20B USD
+②Net Cash Today28.14M USD
+③Growth Value0 USD
=Value1.23B USD

EPV of the Operations (NOPAT over WACC)

1.20B USD

Net cash today

+28.14M USD

Growth Value

0 USD

Value

1.23B USD

①EPV (earnings power value)

1.20B USD

②Net Cash Today

28.14M USD

③Growth Value

0 USD

Market value

Market Cap1.45B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-18.2%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 1.09B USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.
①Present Value of the 15 Years of FCFE755.42M USD
+②Equity at Year 15, Today333.88M USD
=Value1.09B USD
FCFE: the net income left for the shareholders once the business keeps what next year's growth needsEquity reinvestment: the part of the year's net income kept in the business to grow the next year; below zero, capital the business releases to the shareholdersPresent value of the FCFEColoured bars show the FCFE, grey bars the equity reinvestment. With a positive equity reinvestment the two stacked are the year's normalized income; with a negative one the grey is below zero, capital the business releases, and the normalized income is the FCFE plus that negative amount. Shaded, years 6 to 10: the growth falling to its long-run rate and the ROE on new investment falling to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

755.42M USD

②Equity at Year 15, Today

333.88M USD

Market value

Market Cap1.45B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-33.4%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 672.53M USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).
①Present Value of the 15 Years of FCFF560.45M USD
+②Invested Capital at Year 15, Today83.94M USD
+③Net Cash Today28.14M USD
=Value672.53M USD
FCFF: the NOPAT left for the shareholders and the lenders once the business reinvests what next year's growth needsReinvestment: the part of the year's NOPAT put back into the business to grow the next year; below zero, capital the business releasesPresent value of the FCFFColoured bars show the FCFF, grey bars the reinvestment. With a positive reinvestment the two stacked are the year's NOPAT; with a negative one the grey is below zero, capital the business releases, and the NOPAT is the FCFF plus that negative amount. Shaded, years 6 to 10: the growth falling to its long-run rate and the ROIC on new investment falling to the WACC. Axes linear.

①Present Value of the 15 Years of FCFF

560.45M USD

②Invested Capital at Year 15, Today

83.94M USD

③Net Cash Today

28.14M USD

Market value

Market Cap1.45B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-116.0%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 10.53%
Cost of Equity =Risk-Free Rate 4.50%+Beta 1.15×Market Risk Premium 6.00%= 11.42%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 31.84M USDPretax Income 93.25M USD= 34.15%

The tax the interest saves.

Interest Expense =EBIT 94.04M USD−Pretax Income 93.25M USD= 797.85K USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 797.85K USDTotal Debt 128.82M USD×(1 − Tax Rate for WACC 34.15%)= 0.41%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 128.82M USDMarket Cap + Total Debt 1.45B USD + 128.82M USD= 8.14%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 91.86%×Cost of Equity 11.42%+Debt Weight 8.14%×Cost of Debt 0.41%= 10.53%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-02-28.

Total Assets 516.30M USD − Total Liabilities 268.57M USD = Book Value Today 247.73M USD

Total Debt 128.82M USD − Cash and Short-Term Investments 156.97M USD = Net Debt Today -28.14M USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 1-3.1%at most 5%passes255,605,108 / 263,749,650
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets8.9%at least -10.0%passes(106.74M USD − 60.93M USD) ÷ 516.30M USD
Price to bookMarket Cap ÷ Book Value Today5.86×at most 3×does not pass1.45B USD ÷ 247.73M USD
Operating marginOperating Income ÷ Revenue12.0%above 10.0%passes106.58M USD ÷ 885.27M USD
Revenue growthRevenue ÷ Revenue a Year Before − 115.8%above 10.0%passes885.27M USD / 764.29M USD
Net cash(Cash − Total Debt) ÷ Market Cap1.9%above -30%passes(156.97M USD − 128.82M USD) ÷ 1.45B USD
Operating efficiencyOperating Income ÷ Gross Profit34.7%above 25.0%passes106.58M USD ÷ 306.98M USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

891.29 JPY

Enterprise value

228.92B JPY

the provider's own figure

EV / EBITDA

—

Price / book

5.92×

the provider's book

Price / earnings

27.70×

Return on equity

17.2%

the provider's figure, not this page's

Profit margin

4.4%

Revenue growth

29.9%

Analyst target, mean

985.27 JPY

Analysts

7

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

USD2022202320242025
Income statement

Revenue

468.07M603.14M764.29M885.27M

Gross profit

152.24M205.16M244.29M306.98M

Operating income

49.89M207.40M244.99M106.58M

EBITDA

operating income before depreciation and amortisation

64.43M81.48M82.73M116.13M

Pretax income

53.83M69.56M62.40M93.25M

Net income

35.89M42.79M35.42M60.93M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

36.57M50.90M44.39M69.82M

R&D

————
Balance sheet, year end

Total assets

290.27M339.36M433.29M525.09M

Total liabilities

102.65M136.73M194.81M245.26M

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

185.03M199.54M235.15M279.83M

Total debt

25.63M33.59M66.16M82.08M

Cash and equivalents

93.23M120.53M144.18M161.79M

Net PP&E

fixed assets after depreciation

16.31M28.89M61.51M70.25M

Working capital

current assets less current liabilities

77.18M83.55M120.00M123.39M
Cash flow

Operating cash flow

53.34M70.21M62.79M106.74M

Capital expenditure

paid out, so below zero

-5.54M-8.61M-39.46M-10.08M

Depreciation and amortisation

10.51M11.78M19.94M22.09M

Free cash flow

operating cash flow plus capital expenditure

47.79M61.61M23.33M96.66M