Company Valuation: Path Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 4,612 2,364 2,992 9,011 7,191 5,540
Change - -48.74% 26.54% 201.17% -20.19% -22.96%
Enterprise Value (EV) 1 4,407 2,519 2,820 8,715 7,150 5,433
Change - -42.84% 11.92% 209.04% -17.95% -24.02%
P/E -8.17x -3.06x -10.8x -50.1x -22.5x -4.06x
PBR 7.05x 5.04x 2.77x 7.75x 2.91x 2.91x
PEG - -0.2x 0.1x 1.3x -0.7x -0x
Capitalization / Revenue 2.09x 1.12x 1.5x 3.88x 3.19x 2.34x
EV / Revenue 2x 1.19x 1.42x 3.76x 3.17x 2.29x
EV / EBITDA -8.43x -3.96x -14.4x -63.1x -43.3x -6.89x
EV / EBIT -8.18x -3.78x -12.8x -50.7x -34.2x -5.96x
EV / FCF -14.1x -4.39x -7.31x -94.2x -9.16x -6.48x
FCF Yield -7.1% -22.8% -13.7% -1.06% -10.9% -15.4%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -18.35 -20.93 -5.464 -3.293 -4.35 -16.52
Distribution rate - - - - - -
Net sales 1 2,208 2,114 1,991 2,320 2,253 2,370
EBITDA 1 -523 -637 -196 -138 -165 -789
EBIT 1 -539 -666 -221 -172 -209 -911
Net income 1 -538 -745 -256 -175 -276 -1,276
Net Debt 1 -205 155 -172 -296 -41 -107
Reference price 2 150.00 64.00 59.00 165.00 98.00 67.00
Nbr of stocks (in thousands) 30,750 36,945 50,710 54,610 73,377 82,680
Announcement Date 6/30/21 6/30/22 6/30/23 6/28/24 6/27/25 6/25/26
1JPY in Million2JPY
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 32.3M
29.03x4.53x18.74x2.02% 234B
59.68x8.5x33.11x0.25% 52.42B
26.59x5.05x19.02x1.19% 9.36B
26.93x1.31x10.11x2.17% 6.86B
21.2x1.49x9.51x1.31% 4.9B
40.38x2.68x13.24x-.--% 4.54B
24.61x2.42x12.63x2.68% 3.82B
14.86x1.66x9.23x2.92% 3.46B
20x2.48x12.19x3.83% 2.58B
Average 29.25x 3.35x 15.31x 1.82% 32.15B
Weighted average by Cap. 33.68x 4.98x 20.46x 1.71%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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