Kayac (TSE:3904) Cyclically Adjusted PS Ratio: 0.55 (As of Aug. 17, 2026) — 15% Below Median

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
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.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
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.

TSE:3904 Kayac Inc TSE:3904
61 GF Score
Price 円423.00
GF Value 円783.77
Valuation Significantly Undervalued
! 1 Warning Sign
View Full Analysis

What is Kayac Cyclically Adjusted PS Ratio?

Kayac TSE:3904 -0.70% 61 Cyclically Adjusted PS Ratio is 0.55 as of Aug. 17, 2026, which is 15% below its 10-year median of 0.65. GuruFocus rates TSE:3904 with a GF Score™ of 61/100 and a GF Value™ of 円783.77 (Significantly Undervalued). The stock has 1 warning sign investors should review. Among 335 Interactive Media companies, Kayac ranks better than 73.43% on this metric.

As of today (2026-08-17), Kayac's current share price is 円423.00. Kayac's Cyclically Adjusted Revenue per Share for the quarter that ended in Dec. 2025 was 円768.72. Kayac's Cyclically Adjusted PS Ratio for today is 0.55.

The historical rank and industry rank for Kayac's Cyclically Adjusted PS Ratio or its related term are showing as below:

TSE:3904' s Cyclically Adjusted PS Ratio Range Over the Past 10 Years
Min: 0.5   Med: 0.65   Max: 1.05
Current: 0.55

During the past years, Kayac's highest Cyclically Adjusted PS Ratio was 1.05. The lowest was 0.50. And the median was 0.65.

TSE:3904's Cyclically Adjusted PS Ratio is ranked better than
73.43% of 335 companies
in the Interactive Media industry
Industry Median: 1.37 vs TSE:3904: 0.55

The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PS Ratio. The Cyclically Adjusted Revenue per Share is the average of the inflation adjusted revenue per share of a company over the past 10 years.

Kayac's adjusted revenue per share data for the three months ended in Dec. 2025 was 円366.105. Add all the adjusted revenue per share for the past 10 years together and divide 10 will get our Cyclically Adjusted Revenue per Share, which is 円768.72 for the trailing ten years ended in Dec. 2025.

Shiller PE for Stocks: The True Measure of Stock Valuation


Kayac  (TSE:3904) 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.


Kayac Cyclically Adjusted PS Ratio Related Terms


Kayac Cyclically Adjusted PS Ratio Historical Data

* Premium members only.

The historical data trend for Kayac'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.

Kayac Cyclically Adjusted PS Ratio Chart

Kayac Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Cyclically Adjusted PS Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.00 0.00 0.00 0.00 0.65

Kayac Quarterly Data
Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
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 0.66 0.62 0.63 0.65 0.00

TSE:3904 vs NTES, EA, TTWO: Cyclically Adjusted PS Ratio Comparison

For the Electronic Gaming & Multimedia subindustry, Kayac'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.


Kayac Cyclically Adjusted PS Ratio vs Interactive Media Industry

For the Interactive Media industry and Communication Services sector, Kayac's Cyclically Adjusted PS Ratio distribution charts can be found below:

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


TSE:3904
61GF Score
Kayac Inc TSE:3904
Cyclically Adjusted PS Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Kayac 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.

Kayac's Cyclically Adjusted PS Ratio for today is calculated as

Cyclically Adjusted PS Ratio=Share Price/ Cyclically Adjusted Revenue per Share
=423.00/768.72
=0.55

* 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.

Kayac's Cyclically Adjusted Revenue per Share for the quarter that ended in Dec. 2025 is calculated as:

For example, Kayac's adjusted Revenue per Share data for the three months ended in Dec. 2025 was:

Adj_RevenuePerShare=Revenue per Share/CPI of Dec. 2025 (Change)*Current CPI (Dec. 2025)
=366.105/113.0000*113.0000
=366.105

Current CPI (Dec. 2025) = 113.0000.

Kayac Quarterly Data

Revenue per Share CPI Adj_RevenuePerShare
201512 71.453 98.100 82.306
201603 74.752 97.900 86.282
201606 92.100 98.100 106.089
201609 87.525 98.000 100.922
201612 102.974 98.400 118.253
201703 92.525 98.100 106.578
201706 83.933 98.500 96.289
201709 105.609 98.800 120.788
201712 112.694 99.400 128.113
201803 92.865 99.200 105.784
201806 93.858 99.200 106.915
201809 91.535 99.900 103.538
201812 103.520 99.700 117.330
201903 92.083 99.700 104.367
201906 107.713 99.800 121.960
201909 99.706 100.100 112.555
201912 121.725 100.500 136.865
202003 157.070 100.300 176.958
202006 117.655 99.900 133.083
202009 132.225 99.900 149.564
202012 163.827 99.300 186.430
202103 183.770 99.900 207.868
202106 186.772 99.500 212.113
202109 213.626 100.100 241.156
202112 234.406 100.100 264.614
202203 264.560 101.100 295.700
202206 251.141 101.800 278.771
202209 225.013 103.100 246.619
202212 306.698 104.100 332.919
202303 262.660 104.400 284.297
202306 241.094 105.200 258.970
202309 274.168 106.200 291.723
202312 301.021 106.800 318.496
202403 241.908 107.200 254.996
202406 235.451 108.200 245.896
202412 0.000 110.700 0.000
202503 289.743 111.100 294.698
202506 258.064 111.700 261.067
202509 335.036 112.000 338.027
202512 366.105 113.000 366.105

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.

What does a Cyclically Adjusted PS Ratio of 0.55 mean?
Kayac (TSE:3904) has a Cyclically Adjusted PS Ratio of 0.55 as of Aug. 17, 2026. Cyclically Adjusted PS Ratio is the ratio of share price to a company's inflation-adjusted revenue per share over a 10-year period. View historical data on Kayac and its competitors. This is 15% below median its historical median of 0.65. Over the past decade, Kayac's Cyclically Adjusted PS Ratio has ranged from 0.50 to 1.05. According to the industry distribution chart, Kayac ranks #89 out of 335 companies in the Interactive Media industry, placing it in the top 26.6%.
Is Kayac's Cyclically Adjusted PS Ratio too high?
Kayac's current Cyclically Adjusted PS Ratio of 0.55 is 15% below median its 10-year median of 0.65. Over the past 10 years, this metric has ranged from a low of 0.50 to a high of 1.05. The Interactive Media industry median Cyclically Adjusted PS Ratio is 1.37. Kayac's value of 0.55 is 59.9% below this industry median. Based on the distribution chart, Kayac ranks #89 out of 335 companies in the Interactive Media industry, which is above the industry midpoint. Overall, Kayac has a GF Score™ of 61/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Kayac's Cyclically Adjusted PS Ratio compare to NTES and EA?
According to the Interactive Media industry distribution chart, Kayac ranks #89 out of 335 companies for Cyclically Adjusted PS Ratio. This puts Kayac in the upper half of its industry. The industry median Cyclically Adjusted PS Ratio is 1.37. Kayac's value of 0.55 is 59.9% below this benchmark. Historically, Kayac's own Cyclically Adjusted PS Ratio has ranged from 0.50 to 1.05 over the past decade. While the company's 10-year median is 0.65 vs. the industry median of 1.37, Kayac has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Cyclically Adjusted PS Ratio for an Interactive Media company?
The median Cyclically Adjusted PS Ratio among Interactive Media companies is 1.37, based on 335 companies in the industry. Companies in the top quartile (top 25%) have a Cyclically Adjusted PS Ratio significantly above this median, while those in the bottom quartile fall well below. However, Cyclically Adjusted PS Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Kayac's current Cyclically Adjusted PS Ratio of 0.55 is 59.9% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Cyclically Adjusted PS Ratio mean?
A high Cyclically Adjusted PS Ratio can signal that a stock is expensive relative to its fundamentals. Cyclically Adjusted PS Ratio is the ratio of share price to a company's inflation-adjusted revenue per share over a 10-year period. View historical data on Kayac and its competitors. For the Interactive Media industry, the median Cyclically Adjusted PS Ratio is 1.37 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Kayac's current Cyclically Adjusted PS Ratio is 0.55, which is 15% below median its own 10-year median of 0.65. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Kayac stock overvalued right now?
Based on GuruFocus' analysis, Kayac (TSE:3904) is currently considered Significantly Undervalued. The stock's GF Value™ is 円783.77, compared to a current price of 円423.00 — trading 46% below its estimated fair value. The current Cyclically Adjusted PS Ratio is 0.55, which is 15% below median its 10-year median of 0.65 and 59.9% below the Interactive Media industry median of 1.37. Kayac's overall GF Score™ is 61/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Cyclically Adjusted PS Ratio calculated?
Cyclically Adjusted PS Ratio is calculated from a company's financial statements. For Kayac (TSE:3904), the current Cyclically Adjusted PS Ratio is 0.55 as of Aug. 17, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Kayac (TSE:3904) Overvalued in 2026?

Based on GuruFocus' analysis, Kayac stock appears to be undervalued. The current stock price of 円423.00 is trading 46% below its estimated GF Value™ of 円783.77. GuruFocus considers Kayac to be Significantly Undervalued.

Key valuation signals for TSE:3904:

  • Cyclically Adjusted PS Ratio: 0.55 (15% below median its 10-year median of 0.65)
  • GF Value™: 円783.77 vs. price of 円423.00 (46% below fair value)
  • GF Score™: 61/100 with 1 warning sign
  • Industry Position: 59.9% below the Interactive Media median (#89 of 335)

No single metric tells the full story. See the TSE:3904 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Kayac Business Description

Address 11-8 Onarimachi, Former Bank Building, Kanagawa Prefecture, Kamakura, JPN, 248-0012
Kayac Inc is a Japanese entertainment content business. The group operates a digital platform, a publishing business, and develops and invests in area-specific content in key regions. It provides services of Regional capitalism, Game Entertainment, Interesting Production, e-sports, and Others.
61GF Score

Get the complete analysis for TSE:3904

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

円423.00
Price
円783.77
GF Value