CTW Cayman Class A Ordinary Shares (CTW) 10-Year Financial Performance & Capital Metrics

CTW • • Industrial / General

Communication ServicesGaming & MultimediaWeb-Based Gaming PlatformsHTML5 Free-to-Play Platform Operators

AboutCTW Cayman operates a web-based gaming platform in Japan and Singapore. The company's flagship HTML5-based G123.jp platform offers free-to-play games which removes common barriers to gameplay, such as downloads, installations, and mandatory registrations, ensuring that seamless, instant access is available to players worldwide across different types of devices, including mobile devices beyond just PCs. It provides access to IP-related content for game development, online game distribution, game development support, game marketing and advertising services, and customer support services. In addition, the company owns art and design, and research and development centers. The company was founded in 2013 and is headquartered in Tokyo, Japan. CTW Cayman operates as a subsidiary of CTW (BVI) LTD.Show more

Revenue $68M +8.7%
EBITDA $10M +33.9%
Net Income $6M +75.9%
EPS (Diluted) 0.50 +78.6%
Gross Margin 76.31% +4.7%
EBITDA Margin 15.14% +23.2%
Operating Margin 9.73% +9.6%
Net Margin 8.74% +61.8%
ROE 27.98% +41604.0%
ROIC 35.15% +47401.8%
Debt/Equity 0.31 -24.6%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓Good 3Y average ROE of 15.4%
✓Healthy 5Y average net margin of 15.1%
✓Trading at only 0.9x book value
✓Efficient asset utilization: 1.6x turnover

✗Weaknesses

✗Profits declining 64.7% over 5 years
✗Low quality earnings: Net income not backed by cash flow
✗Sales declining 62.2% over 5 years
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-36.71%

5Y-62.24%

3Y-79.95%

TTM-50.68%

Profit (Net Income) CAGR

10Y-36.3%

5Y-64.66%

3Y-84.69%

TTM-52.49%

EPS CAGR

10Y-

5Y-

3Y-

TTM-

ROCE

10Y Avg13.1%

5Y Avg13.23%

3Y Avg13.08%

Latest22.81%

Peer Comparison

HTML5 Free-to-Play Platform Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CTWCTW Cayman Class A Ordinary Shares	88.2M	1.75	3.50	8.71%	20.97%	36.31%	0.99%	0.31

Profit & Loss

	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Jul 2023	Jul 2024
Sales/Revenue+	8.85B	8.75B	8.84B	8.96B	8.91B	8.55B	8.49B	8.16B	62.94M	68.42M
Revenue Growth %	0.33%	-0.01%	0.01%	0.01%	-0.01%	-0.04%	-0.01%	-0.04%	-0.99%	0.09%
Cost of Goods Sold+	2.87B	2.79B	2.88B	2.87B	2.93B	2.88B	2.77B	2.44B	17.05M	16.21M
COGS % of Revenue	0.32%	0.32%	0.33%	0.32%	0.33%	0.34%	0.33%	0.3%	0.27%	0.24%
Gross Profit+	5.98B	5.96B	5.96B	6.09B	5.98B	5.67B	5.73B	5.72B	45.89M	52.21M
Gross Margin %	0.68%	0.68%	0.67%	0.68%	0.67%	0.66%	0.67%	0.7%	0.73%	0.76%
Gross Profit Growth %	0.25%	-0%	-0%	0.02%	-0.02%	-0.05%	0.01%	-0%	-0.99%	0.14%
Operating Expenses+	6.94B	6.67B	6.73B	6.7B	6.59B	6.24B	5.83B	5.27B	40.31M	45.56M
OpEx % of Revenue	0.78%	0.76%	0.76%	0.75%	0.74%	0.73%	0.69%	0.65%	0.64%	0.67%
Selling, General & Admin	1.17B	1.06B	1.09B	1.01B	1.02B	925M	799M	659M	37.39M	44.6M
SG&A % of Revenue	0.13%	0.12%	0.12%	0.11%	0.11%	0.11%	0.09%	0.08%	0.59%	0.65%
Research & Development	0	0	0	0	0	0	0	0	2.91M	952.44K
R&D % of Revenue	-	-	-	-	-	-	-	-	0.05%	0.01%
Other Operating Expenses	5.78B	5.61B	5.64B	5.69B	5.57B	5.31B	5.03B	4.61B	0	0
Operating Income+	1.91B	2.08B	2.11B	2.26B	2.32B	2.31B	2.66B	2.88B	5.59M	6.66M
Operating Margin %	0.22%	0.24%	0.24%	0.25%	0.26%	0.27%	0.31%	0.35%	0.09%	0.1%
Operating Income Growth %	0.59%	0.09%	0.02%	0.07%	0.03%	-0%	0.15%	0.08%	-1%	0.19%
EBITDA+	4.13B	4.15B	4.08B	4.1B	4B	3.89B	4.1B	4.25B	7.74M	10.36M
EBITDA Margin %	0.47%	0.47%	0.46%	0.46%	0.45%	0.46%	0.48%	0.52%	0.12%	0.15%
EBITDA Growth %	0.35%	0.01%	-0.02%	0.01%	-0.02%	-0.03%	0.05%	0.04%	-1%	0.34%
D&A (Non-Cash Add-back)	2.23B	2.08B	1.97B	1.84B	1.68B	1.58B	1.44B	1.36B	2.15M	3.7M
EBIT	1.83B	2.02B	2.07B	2.21B	2.24B	2.26B	2.61B	2.85B	5.59M	6.66M
Net Interest Income+	0	0	0	0	0	0	0	-380M	41.03K	300.99K
Interest Income	0	0	0	0	0	0	0	0	41.03K	300.99K
Interest Expense	443M	450M	464M	473M	478M	465M	448M	380M	0	0
Other Income/Expense	-514M	-512M	-503M	-527M	-559M	-522M	-501M	-416M	-351.77K	1.54M
Pretax Income+	1.39B	1.57B	1.61B	1.73B	1.76B	1.79B	2.16B	2.47B	5.24M	8.2M
Pretax Margin %	0.16%	0.18%	0.18%	0.19%	0.2%	0.21%	0.25%	0.3%	0.08%	0.12%
Income Tax+	542M	602M	639M	659M	678M	134M	494M	641M	1.84M	2.22M
Effective Tax Rate %	0.61%	0.62%	0.6%	0.62%	0.62%	0.93%	0.77%	0.74%	0.65%	0.73%
Net Income+	849M	964M	970M	1.07B	1.08B	1.66B	1.67B	1.83B	3.4M	5.98M
Net Margin %	0.1%	0.11%	0.11%	0.12%	0.12%	0.19%	0.2%	0.22%	0.05%	0.09%
Net Income Growth %	0.56%	0.14%	0.01%	0.11%	0.01%	0.53%	0%	0.1%	-1%	0.76%
Net Income (Continuing)	849M	964M	970M	1.07B	1.08B	1.66B	1.67B	1.83B	3.4M	5.98M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.28	0.50
EPS Growth %	-	-	-	-	-	-	-	-	-	0.79%
EPS (Basic)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.28	0.50
Diluted Shares Outstanding	0	0	0	0	0	0	0	0	12M	12M
Basic Shares Outstanding	0	0	0	0	0	0	0	0	12M	12M
Dividend Payout Ratio	1.35%	1.37%	1.44%	1.26%	1.2%	0.6%	0.77%	0.88%	-	-

Balance Sheet

	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Jul 2023	Jul 2024
Total Current Assets+	1.57B	1.75B	1.85B	1.6B	1.71B	1.77B	1.85B	2.49B	17.4M	18.16M
Cash & Short-Term Investments	8M	14M	6M	3M	5M	1M	5M	2M	14.85M	14.46M
Cash Only	8M	14M	6M	3M	5M	1M	5M	2M	14.85M	14.46M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	709M	738M	740M	688M	700M	646M	546M	514M	1.47M	2.43M
Days Sales Outstanding	29.25	30.77	30.56	28.01	28.68	27.58	23.47	23	8.54	12.99
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	856M	999M	1.1B	911M	1B	1.12B	1.29B	1.97B	471.12K	459.13K
Total Non-Current Assets+	15.14B	14.26B	20.61B	19.87B	19.44B	19.1B	18.74B	17.84B	20.88M	25.78M
Property, Plant & Equipment	7.23B	7.21B	7.2B	7.37B	7.64B	7.92B	8.08B	8.17B	5.89M	5.32M
Fixed Asset Turnover	1.22x	1.21x	1.23x	1.22x	1.17x	1.08x	1.05x	1.00x	10.69x	12.86x
Goodwill	9.37B	9.35B	9.35B	9.35B	9.35B	9.36B	9.36B	9.36B	0	0
Intangible Assets	4.38B	1.01B	3.04B	2.44B	1.88B	1.36B	893M	311M	2.98M	3.66M
Long-Term Investments	0	0	0	0	0	0	0	0	531.47K	800.03K
Other Non-Current Assets	-5.99B	-3.47B	854M	-502M	-584M	-31M	60M	0	11.48M	16M
Total Assets+	16.71B	16.01B	22.46B	21.47B	21.15B	20.87B	20.58B	20.33B	38.28M	43.94M
Asset Turnover	0.53x	0.55x	0.39x	0.42x	0.42x	0.41x	0.41x	0.40x	1.64x	1.56x
Asset Growth %	-0.04%	-0.04%	0.4%	-0.04%	-0.01%	-0.01%	-0.01%	-0.01%	-1%	0.15%
Total Current Liabilities+	2.83B	2.7B	2.26B	2.42B	2.8B	2.2B	2.27B	3.41B	11.86M	12.01M
Accounts Payable	456M	440M	464M	369M	398M	317M	441M	403M	4.37M	3.32M
Days Payables Outstanding	58.03	57.56	58.83	46.9	49.51	40.16	58.17	60.33	93.65	74.78
Short-Term Debt	804M	637M	117M	242M	514M	17M	11M	89M	2.62M	2.77M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	0
Other Current Liabilities	1.27B	1.3B	1.35B	1.67B	1.75B	1.73B	1.61B	2.72B	-2.44M	-2.66M
Current Ratio	0.56x	0.65x	0.82x	0.66x	0.61x	0.81x	0.81x	0.73x	1.47x	1.51x
Quick Ratio	0.56x	0.65x	0.82x	0.66x	0.61x	0.81x	0.81x	0.73x	1.47x	1.51x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	9.58B	9.55B	9.74B	9.09B	8.72B	8.47B	7.68B	1.1B	7.54M	8.09M
Long-Term Debt	6.82B	6.92B	7.26B	7B	6.75B	7.26B	5.95B	1.1B	0	0
Capital Lease Obligations	0	0	0	0	0	0	0	0	3.4M	2.43M
Deferred Tax Liabilities	2.63B	2.47B	2.25B	1.9B	1.77B	1B	1.1B	0	4.15M	5.66M
Other Non-Current Liabilities	0	0	80M	60M	66M	82M	547M	0	0	0
Total Liabilities	13.97B	13.61B	13.27B	12.56B	12.46B	11.53B	10.71B	21B	19.4M	20.1M
Total Debt+	7.63B	7.56B	7.38B	7.24B	7.26B	7.28B	5.96B	1.19B	7.68M	7.31M
Net Debt	7.62B	7.54B	7.37B	7.24B	7.26B	7.28B	5.95B	1.19B	-7.17M	-7.15M
Debt / Equity	0.76x	0.79x	0.80x	0.81x	0.84x	0.78x	0.60x	0.12x	0.41x	0.31x
Debt / EBITDA	1.85x	1.82x	1.81x	1.77x	1.81x	1.87x	1.45x	0.28x	0.99x	0.71x
Net Debt / EBITDA	1.84x	1.82x	1.81x	1.77x	1.81x	1.87x	1.45x	0.28x	-0.93x	-0.69x
Interest Coverage	4.30x	4.62x	4.55x	4.78x	4.86x	4.97x	5.94x	7.59x	-	-
Total Equity+	0	0	9.18B	8.91B	8.69B	9.34B	9.87B	10.12B	18.88M	23.84M
Equity Growth %	-	-	-	-0.03%	-0.02%	0.07%	0.06%	0.03%	-1%	0.26%
Book Value per Share	999999.00	-	-	-	-	-	-	999999.00	1.57	1.99
Total Shareholders' Equity	9.97B	9.61B	9.18B	8.91B	8.69B	9.34B	9.87B	10.12B	18.88M	23.84M
Common Stock	10.05B	10.05B	10.05B	10.05B	10.05B	10.05B	10.05B	10.05B	0	0
Retained Earnings	-76M	-437M	-867M	-1.14B	-1.36B	-713M	-182M	67M	22.06M	28.04M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	0	0	0	0	0	0	0	0	-4.03M	-5.05M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Jul 2023	Jul 2024
Cash from Operations+	2.77B	2.71B	2.8B	2.59B	2.65B	2.44B	3.79B	3.33B	2.56M	1.59M
Operating CF Margin %	0.31%	0.31%	0.32%	0.29%	0.3%	0.28%	0.45%	0.41%	0.04%	0.02%
Operating CF Growth %	0.26%	-0.02%	0.03%	-0.07%	0.02%	-0.08%	0.56%	-0.12%	-1%	-0.38%
Net Income	849M	964M	970M	1.07B	1.08B	1.66B	1.67B	1.83B	3.4M	5.98M
Depreciation & Amortization	2.23B	2.08B	1.97B	1.84B	1.68B	1.58B	1.44B	1.36B	2.15M	3.7M
Stock-Based Compensation	18.3M	17M	21M	21M	22M	27M	24M	0	0	0
Deferred Taxes	201M	152M	228M	189M	123M	773M	-48M	100M	1.81M	1.73M
Other Non-Cash Items	-178.3M	-806M	-918M	-127M	13M	-2.27B	712M	538M	3.29M	-314.85K
Working Capital Changes	-341M	310M	534M	-405M	-270M	663M	1M	-497M	-8.09M	-9.51M
Change in Receivables	-76M	-94M	-66M	-26M	-92M	-20M	40M	-19M	26.09K	-41.26K
Change in Inventory	1.05B	1.35B	1.02B	520M	907M	1.15B	318M	495M	0	0
Change in Payables	-58M	-1M	-9M	-79M	5M	-44M	69M	-50M	1.13M	-811.96K
Cash from Investing+	-1.53B	-1.38B	-1.25B	-1.22B	-1.33B	-1.44B	-1.15B	-1.72B	-485.24K	-1.17M
Capital Expenditures	-1.27B	-1.26B	-1.17B	-1.25B	-1.26B	-1.33B	-1.04B	26M	-134.79K	-710.46K
CapEx % of Revenue	0.14%	0.14%	0.13%	0.14%	0.14%	0.16%	0.12%	0%	0%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-262M	-117M	-86M	27M	-75M	-108M	-113M	-1.75B	0	106.37K
Cash from Financing+	-1.24B	-1.33B	-1.56B	-1.37B	-1.32B	-1B	-2.63B	-1.61B	0	0
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-1.15B	-1.32B	-1.4B	-1.35B	-1.3B	-1B	-1.27B	-1.6B	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-91M	-1M	-158M	-24M	-16M	-3M	-1.36B	-12M	0	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	1.51B	1.45B	1.64B	1.34B	1.39B	1.11B	2.75B	3.36B	2.42M	877.19K
FCF Margin %	0.17%	0.17%	0.19%	0.15%	0.16%	0.13%	0.32%	0.41%	0.04%	0.01%
FCF Growth %	0.29%	-0.04%	0.13%	-0.18%	0.04%	-0.21%	1.49%	0.22%	-1%	-0.64%
FCF per Share	999999.00	-	-	-	-	-	-	999999.00	0.20	0.07
FCF Conversion (FCF/Net Income)	3.27x	2.81x	2.89x	2.41x	2.44x	1.47x	2.28x	1.82x	0.75x	0.27x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	1.92K	6.93K

Key Ratios

Metric	2012	2013	2014	2015	2016	2017	2018	2019	2023	2024
Return on Equity (ROE)	8.55%	9.84%	10.32%	11.87%	12.33%	18.38%	17.34%	18.28%	0.07%	27.98%
Return on Invested Capital (ROIC)	7.98%	8.97%	9.4%	10.37%	10.85%	10.65%	12.3%	15.94%	0.07%	35.15%
Gross Margin	67.59%	68.13%	67.42%	67.96%	67.07%	66.3%	67.42%	70.11%	72.91%	76.31%
Net Margin	9.6%	11.01%	10.98%	11.98%	12.18%	19.38%	19.6%	22.4%	5.4%	8.74%
Debt / Equity	0.76x	0.79x	0.80x	0.81x	0.84x	0.78x	0.60x	0.12x	0.41x	0.31x
Interest Coverage	4.30x	4.62x	4.55x	4.78x	4.86x	4.97x	5.94x	7.59x	-	-
FCF Conversion	3.27x	2.81x	2.89x	2.41x	2.44x	1.47x	2.28x	1.82x	0.75x	0.27x
Revenue Growth	33.35%	-1.07%	0.97%	1.43%	-0.6%	-4.04%	-0.67%	-3.96%	-99.23%	8.71%

Revenue by Segment

	2012
Legacy Services	3.47B
Legacy Services Growth	-
Strategic Services	3.27B
Strategic Services Growth	-
Affiliates and Other Services	2.11B
Affiliates and Other Services Growth	-

Frequently Asked Questions

Valuation & Price

CTW Cayman Class A Ordinary Shares (CTW) has a price-to-earnings (P/E) ratio of 3.5x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

CTW Cayman Class A Ordinary Shares (CTW) reported $4.13B in revenue for fiscal year 2024. This represents a 60% decrease from $10.39B in 2008.

CTW Cayman Class A Ordinary Shares (CTW) grew revenue by 8.7% over the past year. This is steady growth.

Yes, CTW Cayman Class A Ordinary Shares (CTW) is profitable, generating $865.6M in net income for fiscal year 2024 (8.7% net margin).

Dividend & Returns

CTW Cayman Class A Ordinary Shares (CTW) has a return on equity (ROE) of 28.0%. This is excellent, indicating efficient use of shareholder capital.

CTW Cayman Class A Ordinary Shares (CTW) generated $1.57B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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