Metaplanet Inc.
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.
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.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at MTPLF since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 1.20 $ to 4.30 $ · Last price: 1.80 $ (As of: October 2, 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
Performance
Technical Indicators
Calculated from the price history · as of 10/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
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
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Metaplanet Inc. MTPLF | 2.3 | – | 75.1 | 99.5 | 3.5 | 738.5 | -56.8 |
| McDonald’s Corporation MCD | 164.8 | 20.0 | 18.8 | 57.4 | 44.3 | 3.7 | -20.7 |
| Starbucks Corporation SBUX | 107.9 | 74.1 | 23.8 | 22.3 | 8.4 | 2.8 | 12.0 |
| Chipotle Mexican Grill Inc CMG | 41.6 | 29.7 | 19.9 | 39.4 | 13.3 | 5.4 | -19.6 |
| Yum! Brands Inc YUM | 37.3 | 23.3 | 17.0 | 45.3 | 31.1 | 8.8 | -8.3 |
| Restaurant Brands International Inc. QSR | 31.7 | 22.8 | 13.6 | 34.1 | 25.9 | 12.2 | 9.3 |
| Darden Restaurants Inc DRI | 23.1 | 20.2 | 14.2 | 21.7 | 14.3 | 6.0 | 5.9 |
| Yum China Holdings Inc YUMC | 13.7 | 14.6 | 7.8 | 20.3 | 11.5 | 4.4 | -4.4 |
| Domino's Pizza Inc DPZ | 10.3 | 18.6 | 14.0 | 28.7 | 19.3 | 5.0 | -29.6 |
| Median of companies shown | 31.7 | 21.5 | 17.0 | 34.1 | 14.3 | 5.4 | -8.3 |
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 →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year JPY m
Revenue Operating income Net income
| Fiscal Year | Revenue (JPY m) | EBIT (JPY m) | Net Income (JPY m) | EPS (JPY) | Operating Cash Flow (JPY m) | Equity (JPY m) | Total Assets (JPY m) |
|---|---|---|---|---|---|---|---|
| 2020 | 785 | -1,397 | -2,967 | -518.93 | -566 | 405 | 14,542 |
| 2021 | 518 | -1,425 | -737 | -12.89 | -529 | -373 | 13,091 |
| 2022 | 366 | -859 | 978 | 17.10 | -296 | 618 | 5,357 |
| 2023 | 262 | -468 | -684 | -5.96 | -572 | 1,152 | 1,666 |
| 2024 | 1,062 | 351 | 4,439 | 12.27 | 624 | 16,966 | 30,326 |
| 2025 | 8,905 | 6,287 | -95,046 | -83.21 | 6,618 | 458,592 | 505,286 |
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.
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| 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.
Screening
Appears in These Scanners
This stock currently matches 5 of our scanner strategies — each hit links to the scanner.
Growth
Research
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
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate (JPY) | EPS Range (JPY) | Revenue Estimate (JPY m) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | – | – | 11,617 | – | 3 |
| 12/31/2027 | – | – | 18,034 | – | 2 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
AI classification
AI Rating
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
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 189.7%
- More than 10% revenue growth is expected for the coming year -66.7%
- Share count grows by less than 3% a year 171.3%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 804.6%
- Gross margin at 40% or higher and without meaningful erosion 99.1%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 2,552 m net cash
- Operating cash flow covers the profits of the last three years 97,961 m
- Return on capital at 15% or higher, or up versus two years ago 1.4%
- Insiders hold at least 10% or are net buyers 4.6%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
5/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 62.5%
- Exp. sales growth 3Y > 5% 42.3%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 42.3%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 2
- Max. EBIT decline < 50% 0.0%
- Return on equity > 15% -20.8%
- ROCE > 15% 1.4%
- Expected return > 10% 44.6%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
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.
- Employees
- 35
- Headquarters
- Minato, Japan
- Address
- Roppongi Hills Mori Tower, 106-6116 Minato, Japan
- Phone
- 81 3 6772 3696
- Website
- metaplanet.jp
- Stock Split
- 10:1 on 03/28/2025
Management
| Name | Title | Birth Year |
|---|---|---|
| Simon Morris Gerovich | Representative Executive Officer, CEO & Chair of the Board | 1977 |
| Yoshimi Abe | Executive Officer & Chief Operating Officer | 1967 |
| Naotaka Koyama | Chief Legal Officer | – |
| Sahlee Zaldivia | Country Head of Philippines | – |
| Dylan LeClair | Head of Bitcoin Strategy | – |
| Jitai Jeon | Head of Hospitality & Operations | – |
| Koichi Morita | Head of Digital & Community Engagement | – |
| Shigenori Hamaguchi | Head of Content & Operations | – |
| Phil Geiger | Head of Business Development | – |
| Kelvin Lee | Head of Bitcoin Operations | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Data as of: October 2, 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.