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Buy Day today: Neutral (60) Mixed market breadth · no major macro event
MTPLF

Metaplanet Inc.

Consumer Cyclical · Restaurants

1.47$ +5.5% vs. previous close Closing price · As of: Aug 20, 2026
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Assessment

Our Rating

A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.

Open questions

The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.

Why this colour

The business model works and the evidence says so: revenue and operating profit both more than doubled in the first half of 2026, Bitcoin per share rose, the capital adequacy ratio stands at 81.4 percent and there is no going-concern note. What is open is a material operating question. The growth engine — raise capital, buy Bitcoin, earn more option premiums — is largely idle under the company's own mNAV rule, full-year guidance is only about 30 percent achieved at the halfway mark and was not cut. On top of that sits a balance sheet in which 76.9 billion yen of current liabilities face 1.1 billion yen of cash: servicing that depends on refinancing or on selling the very position the company exists to hold. Measured against the Bitcoin value the stock is not expensive — by our calculation it trades at a discount. That does not change the fact that a single asset decides profit, loss and debt coverage here. The decision is yours.

What the thesis turns on

Assessment: Opportunities & Risks

Metaplanet holds 43,000 Bitcoin, paid 659.3bn yen for them and carries them at 409.5bn yen as of June 30, 2026. The operating business earns money and Bitcoin per share is still rising — but more slowly, because the company's own capital rule bars new common shares below an mNAV of 1.0x and therefore throttles buying. On the liability side, 76.9bn yen of short-term debt sits against 1.1bn yen of cash. Investing here means buying an opinion about the Bitcoin price, levered through a Japanese balance sheet. Not investment advice.

Bitcoin per share

Bitcoin per 1,000 effective diluted shares rose from 0.024049 to 0.026355 in the first half of 2026 — up 9.6 percent despite 139 million new shares. The model's core promise was kept (interim report, August 13, 2026).

Operating business

Revenue of 4,944m yen and operating profit of 3,331m yen in the first half of 2026, both more than doubled. The loss stems entirely from Bitcoin valuation, not from operations (interim report, August 13, 2026).

Capital discipline

The rule against issuing common shares below an mNAV of 1.0x held through the second quarter of 2026. The other half of the same rule — buybacks below 1.0x — produced zero shares by July 31, 2026 out of an authorization for 150 million shares and 75bn yen (disclosure, August 3, 2026).

Balance sheet structure

Current liabilities of 76,878m yen against current assets of 2,369m yen and cash of 1,087m yen at June 30, 2026. Of the $500m Bitcoin-collateralized facility, $414m was drawn, and the lender holds a priority right over the pledged Bitcoin.

Dilution overhang

The 25th, 26th and 27th warrant series could create 218,042,000 additional shares — 17 percent of the 1,281,308,624 shares outstanding at July 31, 2026 (monthly disclosure, August 3, 2026). The 27th series over 94,730,000 shares sits with EVO FUND alone; the remaining 123,312,000 are spread across fourteen overseas funds (issuance notices of January 29 and March 16, 2026).

Guidance progress

Full-year 2026 guidance (16,000m yen revenue, 11,400m yen operating profit) was 30.9 percent and 29.2 percent achieved at the halfway mark, and options-business revenue fell for two consecutive quarters. Guidance was not revised on August 13, 2026.

Worth Noting

The starting point was the ticker MTPLF appearing on the hot list of a German stock forum, not a hit in our in-house stock scanner.

Data as of: interim report to June 30, 2026 (filed August 13, 2026), with every timely disclosure through August 18, 2026 reviewed; fundamental data and prices as of August 19 and 20, 2026.

Easily confused: MTPLF is the U.S. over-the-counter secondary quotation of Tokyo-listed 3350, not a separate company. There are no 10-K or 10-Q filings; the primary source is TDnet.

Under Japanese law the interim report is neither audited nor reviewed by an accounting firm, as the document itself notes.

Read the Full Deep Dive Metaplanet: 43,000 Bitcoin, a 182.8 Billion Yen Half-Year Loss — and a Buyback That Never Happened Metaplanet Inc. (Tokyo, securities code 3350; MTPLF over the counter in the United States) held exactly 43,000 Bitcoin at June 30, 2026 — bought for 659.3 billion yen and carried at 409.5 billion. Operating profit rose 136 percent in the first half of 2026, and the bottom line still showed a 182.8 billion yen loss. At the same time the company's own capital rule has stalled the growth engine, and a 75 billion yen buyback has stood at zero shares purchased since October 2025. We read the interim report, the quarterly deck and every timely disclosure through August 18, 2026 — so you know what actually sits between you and those 43,000 Bitcoin. Read the analysis →

Stock Watch

This analysis is as of August 20, 2026. Stock Watch will tell you what's changed at MTPLF since then.

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Price history

Chart

Interactive price chart (TradingView).

Last price: 1.47 $ (As of: August 20, 2026)

Key figures

Key figures at a glance

Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.

Basics

Market Cap ?The value of the entire company on the market: share price times total shares outstanding. 1.9$B
Shares Outstanding ?Total number of shares issued. Price times share count gives market cap. –
Float ?Share of stock freely tradable on the market — not locked up in the hands of founders, insiders, or major shareholders. –
Beta ?Volatility versus the overall market: 1 = moves like the market, 2 = twice as much, under 1 = calmer than the market. –

Performance

Perf. 1M ?Price performance over the last month. 5.80%
Perf. 3M ?Price performance over the last 3 months. -22.40%
Perf. 6M ?Price performance over the last 6 months. -32.70%
YTD Performance (%) ?Price performance since the start of the year (Year to Date). -41.20%
52-Week-High Distance ?How far the price sits below its highest point over the last 52 weeks. 0% means the stock is at its year high. -76.4%

Valuation

P/E ?Price-to-earnings ratio: how many years of profit does the stock cost? The lower, the cheaper the valuation. No earnings means no P/E. –
Forward P/E ?P/E based on expected earnings for the next 12 months instead of past earnings — analysts' bet on the future. –
PEG ?P/E divided by expected earnings growth: puts valuation in relation to growth. Around 1 is considered fair, well above that is pricey. –
P/B ?Price-to-book ratio: market value relative to book equity. 0.8
P/S ?Price-to-sales ratio: market value divided by annual sales. Important for companies that aren't (yet) profitable. –
EV/EBITDA ?Enterprise value including debt (EV) relative to operating profit before depreciation and amortization (EBITDA) — more comparable than P/E because debt counts too. Extreme values arise when EBITDA is near zero. –
Price/FCF ?Market value divided by free cash flow: how many years of freely available cash does the stock cost? More honest than P/E because cash flow is harder to dress up. –

Profitability

Gross Margin ?Gross margin: what's left of sales after only direct production costs are deducted — the product's pricing power. –
EBIT Margin ?EBIT margin: operating profit as a percentage of sales — the earning power of the core business before interest and taxes. 3.5%
Net Margin ?Net margin: what's left of sales as profit after ALL costs, interest, and taxes. –
Return on Equity ?Return on equity: how much profit does the company generate per year on shareholders' equity? -6.4%
Return on Assets ?Return on assets: how much profit the company generates from its total assets (equity and debt combined). –

Balance Sheet & Safety

Equity Ratio ?Equity ratio: equity as a share of total assets. The higher, the more resilient the balance sheet. 90.8%
Debt/Equity ?Leverage ratio: financial debt divided by equity. Under 1 is generally seen as solid; negative values mean negative equity. 0.0
Altman Z″ ?Edward Altman's bankruptcy early-warning score. We use the Z″ variant, built from four balance-sheet ratios — it is designed for service companies and non-manufacturers and uses book value instead of market value. On that scale: below 1.1 = danger zone, 2.6 and up = safe zone, in between a grey area. Because the classic Altman Z is calculated differently, the two numbers are not directly comparable. The formula does not fit banks, insurers, or real-estate stocks. –
Piotroski ?Balance-sheet health check by Joseph Piotroski: 9 yes/no criteria on profit, cash flow, leverage, and efficiency. 7+ is very solid, under 3 is a red flag. 4 out of 9

Growth

Sales Growth Last Quarter ?Sales growth in the most recently reported quarter versus the same quarter a year ago (YoY). -77.40%
EPS Growth Last Quarter ?Growth in earnings per share in the most recently reported quarter versus the same quarter a year ago (YoY). 0.00%
Sales Growth (Year) ?Sales growth in the last fiscal year versus the year before. 738.51%
Forward Sales Growth ?Sales growth analysts expect over the next 12 months — an estimate, not a guarantee. -66.65%
Forward EPS Growth ?Earnings-per-share growth analysts expect over the next 12 months — an estimate, not a guarantee. –

Dividend

No dividend data is available for this stock yet.

Quality & Screener

Stage ?Weinstein phases 1 through 4: 1 = basing, 2 = uptrend (the only buy phase), 3 = topping, 4 = downtrend. Measured against the 30-week line. –
RS Rating ?Relative strength from 1 to 99: an RS of 95 means the stock has outperformed 95% of all stocks. –
EPS Rating ?Earnings growth rating from 1 to 99 versus all stocks — high values mean above-average earnings growth. –
Fundamental Rating ?Our own Fundamental Rating: 0 to 100 points with an A+ to F grade. 50 points is the average across the universe, 100 the best possible score. It scores growth, earnings surprises, analyst estimates, margins, cash flow, and balance-sheet safety — every stock percentile-ranked against all others. Grades: A+ from 95, A from 75, B from 55, C from 45, D from 25, E from 5, F below. D (29 out of 100)

Comparison

Industry comparison

The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.

Industry: Restaurants

Industry comparison
Company Market cap ($B) P/E EV/EBITDA Gross Margin % EBIT Margin % Sales Growth (Year) % Perf. 1Y %
Metaplanet Inc. MTPLF 1.9 – – – 3.5 738.5 –
McDonald’s Corporation MCD 190.1 22.5 16.4 57.4 44.3 3.7 -11.9
Starbucks Corporation SBUX 119.7 81.3 26.2 22.3 8.4 2.8 18.4
Chipotle Mexican Grill Inc CMG 44.5 31.7 22.6 39.4 13.3 5.4 -19.9
Yum! Brands Inc YUM 40.0 24.4 18.1 45.3 31.1 8.8 -2.2
Restaurant Brands International Inc. QSR 34.9 24.8 15.0 33.9 25.9 12.2 20.1
Darden Restaurants Inc DRI 25.6 21.5 13.7 21.7 14.3 6.0 10.2
Yum China Holdings Inc YUMC 16.3 17.4 – – 11.5 4.4 9.3
Texas Roadhouse Inc TXRH 13.3 33.4 20.5 16.4 9.0 9.4 17.3
Median of companies shown 34.9 24.6 18.1 33.9 13.3 6.0 9.7

Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →

Quarters

Quarterly Figures

Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.

Revenue & Profit

Cash Flow

Balance Sheet

Margins

Per Share

Click the chart or tab into it, then use ← and → to step through the periods.

None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.

These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.

The figures could not be loaded right now.

Sales Per Quarter (JPY m)
2024: Q2 · 84.5 JPY m Q2 2024: Q3 · 81.5 JPY m Q3 2024: Q4 · 812.3 JPY m Q4 2025: Q1 · 877.0 JPY m Q1 2025: Q2 · 1,238.8 JPY m Q2 2025: Q3 · 2,401.0 JPY m Q3 2025: Q4 · 4,388.0 JPY m Q4 2026: Q1 · 3,080.0 JPY m Q1

Source: fundamental data

Quarterly Figures
Quarter EPS (Earnings Per Share) EPS YoY (%) Sales (JPY m) Sales YoY (%) Net Margin (%) OCF (JPY m) FCF (JPY m)
2024: Q2 – – 85 23.90 -148.50 – –
2024: Q3 – – 82 58.90 -176.70 – –
2024: Q4 0.09 – 812 799.50 586.10 – –
2025: Q1 -0.08 – 877 943.60 -575.40 – –
2025: Q2 0.12 – 1,239 1,366.80 896.50 – –
2025: Q3 0.04 – 2,401 2,845.80 311.10 – –
2025: Q4 -0.62 -814.00 4,388 440.20 -2,474.30 – –
2026: Q1 -0.63 -679.10 3,080 251.20 -3,717.30 – –

What Do These Terms Mean?

EPS (Earnings Per Share):
Quarterly profit divided by the total share count — how much of the profit works out to a single share.
YoY (Year over Year):
Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
Sales:
All revenue for the quarter, before any costs are deducted — the top line of the income statement.
Net Margin:
What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
OCF (Operating Cash Flow):
The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
FCF (Free Cash Flow):
Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.

Compare with other stocks →

Screening

Appears in These Scanners

This stock currently matches 3 of our scanner strategies — each hit links to the scanner.

Growth

Risk & Weakness

Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners

AI classification

AI Rating

Neutral

Metaplanet ist ein Bitcoin-Treasury-Unternehmen mit Hotel- und seit Juli 2026 Wertpapiergeschäft; in keiner der geprüften Pflichtveröffentlichungen — einschließlich beider vollständiger Ergebnispräsentationen und beider Abschlüsse — kommt künstliche Intelligenz als Produkt, Werkzeug oder Risiko vor.

View the full file — quotes, sources, reviewed filings

Filings Reviewed: Halbjahresbericht (Kessan Tanshin, Japanese GAAP) 2026-08-13 · Ergebnispräsentation Q2 2026 2026-08-13 · Jahresabschluss 2025 (Kessan Tanshin) 2026-02-16 · Ergebnispräsentation Geschäftsjahr 2025 2026-02-16 · Quartalsbericht Q1 2026 (Kessan Tanshin) 2026-05-13 · Ad-hoc: Revision der Kapitalallokationspolitik 2026-03-16 · Ad-hoc: BitBonds-Programm und Erstemission 2026-08-13 · Ad-hoc: Beteiligung an Super League Enterprise (Superplanet) 2026-08-18

Rated on August 20, 2026 · How the Rating Is Built

The company

About the Company

Metaplanet Inc. owns and operates a hotel and bitcoin-focused operations in Japan and internationally. It operates through Hotel Business and Bitcoin Related Business segments. The Hotel Business segment provides accommodation and related hotel services. The Bitcoin Related Business segment offers bitcoin derivatives. The company was incorporated in 1999 and is based in Minato, Japan.

Data as of: August 20, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)

Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.

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