Perpetuals.com Ltd (PDC) AI Stock Analysis
PDC AI stock analysis summary
AI ResearchPerpetuals.com Ltd is a Tokyo-based fintech and software application company that pairs proprietary AI with regulated market infrastructure. In FY2026, revenue fell 41.0% to $1.7M, while net income dropped to -$18.3M alongside an operating cash outflow of -$17.6M. The company finished the period with cash and short-term investments of $843,308 and total debt of $6.5M.
- Market cap
- $25.2M
- Revenue (TTM)
- $256.3M
- P/E
- —
- 1Y return
- -39.2% S&P 500 16.8%
- Avg. target
- —
Bull case
- Gross margin expanded to 59.5% in FY2026, up from 51.6% in FY2025.
- The stock trades at a price-to-sales multiple of 0.1x, well below the US-listed Technology peer median of 2.8x.
- Insiders hold 10.8% of outstanding shares, aligning internal leadership with company equity.
Bear case
- Net losses widened sharply in FY2026 to -$18.3M, yielding a negative net margin of -1074.7%.
- The company faces tight liquidity with cash and short-term investments of $843,308 against total debt of $6.5M and a current ratio of 0.11.
- Free cash flow burned -$17.6M during FY2026 alongside a quarterly revenue contraction of 38.6% year-over-year.
What Perpetuals.com does
Perpetuals.com Ltd operates as a fintech company that pairs proprietary AI with regulated market infrastructure to open global financial markets. The company offers Kronos X, a multi-asset exchange infrastructure software solution that provides fully regulated trading technology compliant with EU regulations such as MiFID II, MiCA, DORA, and EMIR. It also operates UpsideOnly.com, a retail-facing trading and market prediction platform for simulated predictions on stocks, futures, foreign exchange, and cryptocurrencies. Additionally, the company designs, develops, and integrates custom software systems, sells non-fungible tokens, and provides professional consulting and solution services.
Growth and profitability
Revenue has fluctuated significantly over recent fiscal periods, moving from $4.1M in FY2022 to $341,817 in FY2023, before recovering to $1.2M in FY2024 and $2.9M in FY2025. In FY2026, annual revenue fell 41.0% to $1.7M, contributing to a 5-year revenue CAGR of -3.5% from FY2021 to FY2026. Gross margin reached 59.5% in FY2026, compared to 51.6% in FY2025. Operating margin worsened to -1073.2% in FY2026 from -55.8% in FY2025, and net margin fell to -1074.7% with net income of -$18.3M. For the latest quarter ended April 30, 2026, quarterly revenue growth fell 38.6% year-over-year, and trailing twelve months EPS was -$0.82.
Balance sheet and cash flow
As of April 30, 2026, Perpetuals.com Ltd held $843,308 in cash and short-term investments against total debt of $6.5M, leaving net debt at $5.7M. The company reported a current ratio of 0.11 and a debt-to-equity ratio of 0.14 on shareholders' equity of $45.3M and total assets of $64.9M. In FY2026, operating cash flow was -$17.6M and free cash flow was -$17.6M. Capital expenditures for FY2026 totaled $53,259.
Valuation and performance
Perpetuals.com Ltd has a market capitalization of $25.2M and an enterprise value of $59.9M. The stock trades at a price-to-sales multiple of 0.1x, below the 2.8x median of its US-listed Technology peers. Its enterprise value to revenue multiple stands at 36.8x. Over the past year, the stock returned -39.2%, significantly lagging the S&P 500 (SPY) return of 16.8%. Year-to-date, the stock has declined 52.1%, closing at $3.10 on October 16, 2026, which is 36.5% below its 200-day moving average.
What analysts expect
No formal Wall Street analyst ratings, consensus price targets, or forward earnings estimates are available for Perpetuals.com Ltd. The company closed at $3.10 on October 16, 2026, within its 52-week range between a low of $2.42 and a high of $8.40. Its stock reflects elevated volatility with a beta of 2.37. TTM diluted earnings per share stood at -$0.82 for the period ending April 30, 2026, with an operating margin of -441.6%.
Key risks and what to watch
- Operating cash burn of -$17.6M in FY2026 creates ongoing funding risks given cash reserves of $843,308.
- A current ratio of 0.11 indicates short-term obligations significantly exceed liquid assets.
- The stock exhibits high market risk with a beta of 2.37 and a 1-year return of -39.2%.
- Revenue has shown extreme inconsistency, dropping 41.0% in FY2026 after growing 137.3% in FY2025.
AI-generated research summary. Written with AI from Quotelinks data as of October 16, 2026 and checked so every figure matches that data. For information only, not investment advice. Disclaimer
About this PDC AI stock analysis
This page is an AI-written research summary of Perpetuals.com Ltd (PDC). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.
Related: PDC income statement, PDC balance sheet, PDC key metrics, PDC chart. See the PDC stock overview for the latest quote and news.
PDC AI stock analysis FAQ
What does Perpetuals.com Ltd do?
Perpetuals.com Ltd is a fintech company that provides Kronos X, a multi-asset regulated exchange infrastructure software solution, and UpsideOnly.com, a retail-oriented simulated trading platform. It also provides custom software development, consulting services, and sales of non-fungible tokens.
Does Perpetuals.com Ltd pay a dividend?
No, Perpetuals.com Ltd does not pay a dividend. The company generated negative free cash flow of -$17.6M in FY2026.
How has PDC stock performed compared to the S&P 500?
Over the past 12 months, PDC shares returned -39.2%, trailing the S&P 500 return of 16.8%. Year-to-date, the stock has declined 52.1% to close at $3.10 on October 16, 2026.
What is Perpetuals.com Ltd's financial position and debt load?
As of April 30, 2026, Perpetuals.com Ltd held $843,308 in cash and short-term investments and $6.5M in total debt, resulting in net debt of $5.7M. Its current ratio stood at 0.11 with shareholders' equity of $45.3M.