Internet Initiative Japan (FRA:IIJ) Cyclically Adjusted PS Ratio: (As of Sep. 20, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
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Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
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Charlie Tian
Charlie Tian
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Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

FRA:IIJ Internet Initiative Japan Inc FRA:IIJ
96 GF Score
Price €34.00
GF Value €34.91
Valuation Fairly Valued
! 6 Warning Signs
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What is Internet Initiative Japan Cyclically Adjusted PS Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation


Internet Initiative Japan  (FRA:IIJ) Cyclically Adjusted PS Ratio Explanation

Compared with the regular PS Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PS Ratio smoothed out the fluctuations of revenue during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted PS Ratio should give similar results to regular PS Ratio.


Internet Initiative Japan Cyclically Adjusted PS Ratio Related Terms


Internet Initiative Japan Cyclically Adjusted PS Ratio Historical Data

* Premium members only.

The historical data trend for Internet Initiative Japan's Cyclically Adjusted PS Ratio can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Internet Initiative Japan Cyclically Adjusted PS Ratio Chart

Internet Initiative Japan Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Cyclically Adjusted PS Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only 1.99 2.27 1.90 1.64 1.27

Internet Initiative Japan Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Cyclically Adjusted PS Ratio Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 1.68 1.47 1.43 1.27 1.58

FRA:IIJ vs VZ, TMUS, T: Cyclically Adjusted PS Ratio Comparison

For the Telecom Services subindustry, Internet Initiative Japan's Cyclically Adjusted PS Ratio, along with its competitors' market caps and Cyclically Adjusted PS Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Internet Initiative Japan Cyclically Adjusted PS Ratio vs Telecommunication Services Industry

For the Telecommunication Services industry and Communication Services sector, Internet Initiative Japan's Cyclically Adjusted PS Ratio distribution charts can be found below:

* The bar in red indicates where Internet Initiative Japan's Cyclically Adjusted PS Ratio falls into.


FRA:IIJ
96GF Score
Internet Initiative Japan Inc FRA:IIJ
Cyclically Adjusted PS Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
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Internet Initiative Japan Cyclically Adjusted PS Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PS Ratio takes the Revenue per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/S calculation. Because it considers this 10-year average, it's often referred to as the CAPS Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PS Ratio.

Internet Initiative Japan's Cyclically Adjusted Revenue per Share for the quarter that ended in Jun. 2026 is calculated as:

For example, Internet Initiative Japan's adjusted Revenue per Share data for the three months ended in Jun. 2026 was:

Adj_RevenuePerShare=Revenue per Share/CPI of Jun. 2026 (Change)*Current CPI (Jun. 2026)
=5.921/113.6000*113.6000
=5.921

Current CPI (Jun. 2026) = 113.6000.

Internet Initiative Japan Quarterly Data

Revenue per Share CPI Adj_RevenuePerShare
201609 3.605 98.000 4.179
201612 3.657 98.400 4.222
201703 4.039 98.100 4.677
201706 3.705 98.500 4.273
201709 3.567 98.800 4.101
201712 3.712 99.400 4.242
201803 4.023 99.200 4.607
201806 3.812 99.200 4.365
201809 3.943 99.900 4.484
201812 4.156 99.700 4.735
201903 4.677 99.700 5.329
201906 4.455 99.800 5.071
201909 4.570 100.100 5.186
201912 4.721 100.500 5.336
202003 4.945 100.300 5.601
202006 4.695 99.900 5.339
202009 4.562 99.900 5.188
202012 4.817 99.300 5.511
202103 4.914 99.900 5.588
202106 4.431 99.500 5.059
202109 4.762 100.100 5.404
202112 4.794 100.100 5.441
202203 5.130 101.100 5.764
202206 4.642 101.800 5.180
202209 5.042 103.100 5.555
202212 4.840 104.100 5.282
202303 5.223 104.400 5.683
202306 4.565 105.200 4.930
202309 4.778 106.200 5.111
202312 5.158 106.800 5.486
202403 5.229 107.200 5.541
202406 4.832 108.200 5.073
202409 5.145 108.900 5.367
202412 5.693 110.700 5.842
202503 6.137 111.100 6.275
202506 5.273 111.700 5.363
202509 5.546 112.000 5.625
202512 5.479 113.000 5.508
202603 5.883 112.700 5.930
202606 5.921 113.600 5.921

Add all the adjusted revenue per share together and divide 10 will get our Cyclically Adjusted Revenue per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

Is Internet Initiative Japan (FRA:IIJ) Overvalued in 2026?

Based on GuruFocus' analysis, Internet Initiative Japan stock appears to be undervalued. The current stock price of €34.00 is trading 2.6% below its estimated GF Value™ of €34.91. GuruFocus considers Internet Initiative Japan to be Fairly Valued.

Key valuation signals for FRA:IIJ:

  • Cyclically Adjusted PS Ratio:
  • GF Value™: €34.91 vs. price of €34.00 (2.6% below fair value)
  • GF Score™: 96/100 with 6 warning signs

No single metric tells the full story. See the FRA:IIJ stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Internet Initiative Japan Business Description

Address Iidabashi Grand Bloom, 2-10-2 Fujimi, Chiyoda-ku, Tokyo, JPN, 102-0071
Internet Initiative Japan Inc. is a provider of a variety of services including Internet access, outsourcing, and systems integration. Its Internet access services span dial-up, mobile, and broadband technologies. Its wide area network services allow secure data sharing over Internet virtual private networks, independently developed routers, and closed wide area networks. Its outsourcing services include cloud, content delivery, data center, and security services. The firm generates nearly all its revenue in Japan.
96GF Score

Get the complete analysis for FRA:IIJ

Cyclically Adjusted PS Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€34.00
Price
€34.91
GF Value