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Perpetuals.com Ltd (PDC)

Technology | Software - Application | Tokyo, Japan | NasdaqCM
3.18 USD +0.03 (0.952%) ⇧ (Oct. 15, 2026, 4 p.m. EDT)

Short-term:★★⯪☆☆Long-term:★☆☆☆☆Dividends:☆☆☆☆☆
Hot Take ↕ | Oct. 10, 2026, 4:48 a.m. EDT

The immediate outlook is neutral-to-slightly-bearish due to a severe disconnect between the company's operational reality and its recent price recovery. While the stock has rallied nearly 19% year-over-year, masking a deeper structural issue, the underlying business is hemorrhaging value with a 38.6% drop in revenue, negative operating margins of -44%, and a trailing EPS of -$0.82. The balance sheet is critically fragile, carrying nearly $706 million in debt against only $136 million in cash, resulting in a precarious current ratio of 0.12 and a debt-to-equity ratio exceeding 9x. This leverage structure makes the stock highly vulnerable to any further earnings miss or interest rate pressure, rendering any short-term technical bounce a potential trap rather than a genuine entry. There is no dividend to provide income, and the lack of profitability suggests the recent price gains are driven purely by speculative hype around 'AI infrastructure' rather than sustainable earnings power. Investors should view this as a high-risk speculation on a turnaround story that currently lacks the fundamental foundation to support a higher valuation.

Model Selection — Backtest MAE (log-scale, lower is better)
ModelMAE
MSTL ✓0.150729
AutoTheta0.188601
AutoARIMA0.205525
AutoETS0.347259

Forecast horizon: 45 days | Selected: MSTL

Forecast Reliability
Score 31%
H-stat 1.55
Ljung-Box p 0.003
Jarque-Bera p 0.342
Excess Kurtosis 0.32
Attribute Value
Sector Technology
Debt to Equity Ratio 9.419
Revenue per Share 73.193
Market Cap 25,802,960
Beta 2.37
Previous Name Earlyworks Co., Ltd
Website https://www.perpetuals.com

Info Dump

Attribute Value
52 Week Change -0.3116883
Address1 MR Building
Address2 3F 5-7-11, Ueno Taito-ku
All Time High 21.15
All Time Low 1.04
Ask 2.91
Ask Size 3
Average Daily Volume10 Day 16,810
Average Daily Volume3 Month 45,131
Average Volume 45,131
Average Volume10Days 16,810
Beta 2.367
Bid 2.91
Bid Size 1
Book Value 3.5297475
City Tokyo
Country Japan
Crypto Tradeable 0
Currency USD
Current Price 3.18
Current Ratio 0.119
Custom Price Alert Confidence HIGH
Date Short Interest 1,790,726,400
Day High 3.24
Day Low 2.8
Debt To Equity 9.419
Display Name Perpetuals.com
Dividend Yield 0.0
Ebitda -722,265,664
Ebitda Margins -2.81803
Enterprise To Ebitda -5.967
Enterprise To Revenue 16.816
Enterprise Value 4,309,927,936
Eps Trailing Twelve Months -0.82
Esg Populated 0
Exchange NCM
Exchange Data Delayed By 15
Exchange Timezone Name America/New_York
Exchange Timezone Short Name EDT
Fax 81 541 897 3366
Fifty Day Average 3.1655
Fifty Day Average Change 0.014500141
Fifty Day Average Change Percent 0.00458068
Fifty Two Week Change Percent -31.16883
Fifty Two Week High 8.4
Fifty Two Week High Change -5.2199993
Fifty Two Week High Change Percent -0.6214285
Fifty Two Week Low 2.42
Fifty Two Week Low Change 0.76
Fifty Two Week Low Change Percent 0.31404957
Fifty Two Week Range 2.42 - 8.4
Financial Currency JPY
First Trade Date Milliseconds 1,690,291,800,000
Float Shares 5,498,464
Free Cashflow 1,432,163,328
Full Exchange Name NasdaqCM
Full Time Employees 39
Fullday Change -0.09000015
Fullday Change Percent -2.752298
Fullday Price 3.18
Gmt Off Set Milliseconds -14,400,000
Gross Margins 0.59453
Gross Profits 152,378,928
Has Pre Post Market Data 1
Held Percent Insiders 0.10774
Held Percent Institutions 0.13413
Implied Shares Outstanding 8,114,138
Industry Software - Application
Industry Disp Software - Application
Industry Key software-application
Language en-US
Last Fiscal Year End 1,777,507,200
Last Split Date 1,715,817,600
Last Split Factor 1:5
Long Business Summary 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 applicable EU regulations, including MiFID II, MiCA, DORA, and EMIR; and UpsideOnly.com, a retail-facing trading and market prediction platform that allows users to make simulated predictions about financial markets, including stocks, futures, foreign exchange, and cryptocurrencies. It also design, develop, and integrate software and systems based on customers specific requirements; and sale non-fungible tokens, as well as provides professional consulting and solution services. The company was formerly known as Earlyworks Co., Ltd and changed its name to Perpetuals.com Ltd in January 2026. Perpetuals.com Ltd was incorporated in 2018 and is headquartered in Tokyo, Japan.
Long Name Perpetuals.com Ltd
Market us_market
Market Cap 25,802,960
Market State PRE
Max Age 86,400
Message Board Id finmb_593578431
Most Recent Quarter 1,777,507,200
Name Change Date 2,026-10-16
Net Income To Common -2,742,231,808
Next Fiscal Year End 1,809,043,200
Non Diluted Market Cap 32,618,836
Open 3.24
Operating Cashflow -641,442,432
Operating Margins -4.4159603
Phone 81 541 668 7401
Prev Name Earlyworks Co., Ltd
Previous Close 3.15
Price Hint 4
Price To Book 0.9009143
Price To Sales Trailing12 Months 0.10067437
Profit Margins 0.0
Quick Ratio 0.106
Quote Source Name Nasdaq Real Time Price
Quote Type EQUITY
Recommendation Key none
Region US
Regular Market Change 0.029999971
Regular Market Change Percent 0.95238006
Regular Market Day High 3.24
Regular Market Day Low 2.8
Regular Market Day Range 2.8 - 3.24
Regular Market Open 3.24
Regular Market Previous Close 3.15
Regular Market Price 3.18
Regular Market Time 1,792,094,400
Regular Market Volume 73,865
Return On Assets -0.08935001
Return On Equity -0.72519994
Revenue Growth -0.386
Revenue Per Share 73.193
Sand P52 Week Change 0.16207206
Sector Technology
Sector Disp Technology
Sector Key technology
Shares Outstanding 8,114,138
Shares Percent Shares Out 0.0008
Shares Short 6,735
Shares Short Previous Month Date 1,788,134,400
Shares Short Prior Month 4,143
Short Name Perpetuals.com Ltd
Short Percent Of Float 0.0011
Short Ratio 0.16
Source Interval 15
Symbol PDC
Total Cash 135,906,752
Total Cash Per Share 16.749
Total Debt 705,377,408
Total Revenue 256,301,184
Tradeable 0
Trailing Annual Dividend Rate 0.0
Trailing Annual Dividend Yield 0.0
Trailing Eps -0.82
Trailing Peg Ratio None
Triggerable 1
Two Hundred Day Average 4.894985
Two Hundred Day Average Change -1.7149851
Two Hundred Day Average Change Percent -0.35035554
Type Disp Equity
Volume 73,865
Website https://www.perpetuals.com
Zip 110-0005