Colopl

3668.TLOW

VR Gaming · Weight: 5%· Data as of 2026-05-26

¥431-0.23%

6-month daily

Investment Thesis

MONITORING TRIGGER FIRED — returned to quarterly profit in Q1 FY2027. Net profit ¥170M (Q1, quarter ended March 2026), ordinary profit ¥484M (+752.4% YoY). H1 operating profit ¥1.413B (4x YoY), reversing prior operating losses. Recovery driven by aggressive cost cuts: advertising/selling expenses slashed group-wide, operating loss narrowed from -¥730M to -¥86M in Q1. Revenue still declining -10.2% YoY (¥4.77B in Q1). Dividend yield 5.25% (¥20/share at ¥380) provides downside cushion. Market cap now ¥49B (down from ¥59B). NOTE: CONCEPT STOCK FLAG — Colopl has no VTuber revenue; this is a VR/mobile gaming company whose theme fit to 'VTuber' is marginal.

Risk

CONCEPT STOCK FLAG: Zero VTuber revenue. VR gaming exposure is the primary thesis connection, but even VR revenue is ~24% of total. Profitability recovery is cost-cut-driven, not revenue-driven — structurally fragile if mobile gaming continues declining. PE 279x TTM on thin near-breakeven earnings. Revenue declining 3rd consecutive year. VR adoption continues slower than expected — no major Colopl VR title announced for 2026. FCF likely negative. The ¥20/share dividend is generous but may not be sustainable if earnings don't recover.

Monitoring Trigger

TRIGGER ALREADY FIRED (quarterly profit Q1 FY2027). Now watch for: FY2027 Q2 results (Aug 2026) — does profitability sustain for 2nd consecutive quarter? If H1 FY2027 net income >¥300M, UPGRADE to MEDIUM. If mobile gaming revenue decline exceeds -15% YoY for 2 quarters, reassess dividend sustainability. If new VR title launched with 100K+ downloads in 30 days, thesis connection strengthens. Exit trigger: if company cuts/eliminates ¥20 dividend, reduce position.

Key Dates

2026-08earningsFY2027 Q2 results — watch for 2nd consecutive profitable quarter (upgrade trigger)

2026-11-14earningsFY2027 H1 full results — confirm sustainable profitability recovery

Update History

2026-05-26evolveHOLD (monitoring trigger fired — watch for sustained profitability)

View report →

MONITORING TRIGGER FIRED — Q1 FY2027 returned to quarterly profit ¥170M. Ordinary profit ¥484M (+752.4% YoY). H1 OP ¥1.413B (4x YoY). But: cost-cut driven, revenue still -10.2% YoY. Market cap ¥49B (from ¥59B). Div yield 5.25% (from 4.3%). PE 279x TTM. CONCEPT STOCK FLAG for VTuber theme noted.

market_cap:¥59B¥49Bdiv_yield:4.3%5.25%pe:40.7x279x TTM (Q1 FY2027 returned ¥170M quarterly profit; annualized ~72x)roe:-0.4%~0% returning (Q1 FY2027 profit ¥170M)thesis:Pure-play VR gaming, dividend cushion, unprofitableMonitoring trigger fired (quarterly profit); cost-cut recovery; CONCEPT STOCK FLAG added; 2nd quarter profitability is upgrade trigger

Key Metrics

279x TTM (loss-making trailing period; Q1 FY2027 annualized ~72x on ¥170M×4)

N/A

Fwd PE

N/A

P/B

~0% (returning from -0.4%; ¥170M Q1 profit on estimated equity ¥14B = ~4.9% annualized if sustained)

ROE

~-1.8% (Q1 FY2027 operating loss ¥86M / revenue ¥4,772M; but ordinary profit positive ¥484M)

Op Margin

0.5%

D/E

5.25% (¥20/share at ¥380)

Div Yield

N/A (likely negative)

FCF

¥49B

Mkt Cap

Business Segments

Segment	Revenue	Share	Description
Mobile Games	¥20B	60%	Shironeko Project, other mobile titles — declining
VR Games	¥8B	24%	VR titles for Meta Quest — the primary VTuber theme connection
Other	¥5B	16%	Blockchain gaming, new ventures

Supply Chain Evidence

Evidence	Customer	Product	Detail
confirmed	Meta	Quest VR platform	Primary distribution channel for Colopl VR titles. Meta Quest 3 install base growing in 2025-2026.(2026-05)
confirmed	App Store / Google Play	Mobile game distribution	Primary mobile gaming distribution. Shironeko Project still active.(2026-05)

Sources & References

↗Yahoo Financehttps://finance.yahoo.com/quote/3668.T/↗Simply Wall St — Q1 profit returnhttps://simplywall.st/stocks/jp/media/tse-3668/colopl-shares/news/colopl-tse3668-returns-to-quarterly-profit-as-q1-eps-challen ↗TipRanks — FY2026 earningshttps://www.tipranks.com/news/company-announcements/colopl-posts-profit-jump-despite-revenue-slump-withholds-fy2026-forecast

Peer Comparison

Company	PE	Fwd PE	ROE	Op Margin	FCF
ANYCOLOR (Nijisanji)	10.24	12.8	74.2%	40.2%	N/A
Cover Corp (Hololive)	15.8	13.3	33.7%	19.1%	+¥4B
Sony Group	N/A (one-time SFG loss)	~12.9x	~11-15% (restated ex-SFG)	11.6%	N/A
CyberAgent	16.32	N/A (Sep FY; Q2 FY2026 results released May 13)	N/A (needs update; ops strong: Q2 OP ¥29.0B +39.3%)	11.8% (Q2 FY2026: OP ¥29.0B / Rev ¥246.2B)	N/A
Bandai Namco	~16.5x	~16.9x	13.8%	14.0%	N/A
Kadokawa	~73x TTM (NI distorted by FY2026 one-time impairment/restructuring)	~38x FY2027 (analyst consensus; company guidance implies ~83x on ¥5.8B NI)	~0.3% (FY2026 NI ¥1.28B vs equity ~¥400B; structurally low)	2.9% (FY2026: OP ¥8.1B / Rev ¥282.9B; normalized FY2027 guidance: 3.4%)	N/A
GREE Holdings (REALITY)	~45x (EPS TTM ¥8.5 at ¥382)	N/A	N/A (thin profitability; OP quarterly ~¥1B)	~7.7% (Q3 FY2026 standalone: OP ¥1B / Rev ¥13B)	N/A
Colopl	279x TTM (loss-making trailing period; Q1 FY2027 annualized ~72x on ¥170M×4)	N/A	~0% (returning from -0.4%; ¥170M Q1 profit on estimated equity ¥14B = ~4.9% annualized if sustained)	~-1.8% (Q1 FY2027 operating loss ¥86M / revenue ¥4,772M; but ordinary profit positive ¥484M)	N/A (likely negative)