COVER Corporation (COVCF) fair value: what the stock is really worth
As of Sep 18, 2026: fair value of COVER Corporation $15.30, price $10.20, upside +50.0%, quality 59 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
38‑month range $7.57 – $21.12 · fair‑value band $7.31 – $19.12 · the $10.20 price screens below the $15.30 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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COVER Corporation distribute videos and music through VTubers distribution platform in Japan. It also develops characters and anime-look avatars; plans and produces events; and offers video content, such as live streams, music videos, and animations through video distribution, as well as membership subscriptions, advertising, and promotions services.
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COVER Corporation distribute videos and music through VTubers distribution platform in Japan. It also develops characters and anime-look avatars; plans and produces events; and offers video content, such as live streams, music videos, and animations through video distribution, as well as membership subscriptions, advertising, and promotions services. In addition, the company is involved in the electronic commerce, VTuber production, and media mix businesses; and development of Metaverse Holoearth, focusing on sandbox games that allow users to act freely in a virtual space. COVER Corporation was incorporated in 2016 and is based in Tokyo, Japan.
Stock analysis
COVER Corporation (COVCF) currently trades at $10.20, while our model-based Fair Value estimate is $15.30, implying the stock looks roughly 33.3% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of $27.62 per share, and 16 of the 24 models we run sit above the $10.20 price.
Bear case: the Economic Profit group reads lowest at $4.71, and 8 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: $7.31 (bear) to $19.12 (bull), the price of $10.20 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 59/100 (solid quality), in the Technology sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
COVER Corporation reported revenue of ¥43.4B in FY2025 versus ¥5.7B in FY2021, a compound +65.9%/yr. Reported net income was ¥5.6B in FY2025, compounding +46.1%/yr from FY2021.
Key figures
Market cap $670M · P/E ratio 36.4 · P/S ratio 4.67 · EPS (TTM) $0.2800 · Net margin 12.8% · Return on equity 16.3% · Return on assets (EBIT) 28.2% · Operating margin 12.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 54 out of 100 (medium confidence).
What moves the price
The share trades about 25% below its 52-week high and 35% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −13% fair-value upside, at 50%, COVCF screens cheaper than that median.
Fair Value models
Bear $7.31Fair Value $15.30Bull $19.12
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then ($0.2800 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.81/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+43.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+47.0%
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years), in JPY (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. Measured in JPY: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+46.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+46.9%
Dividend (yield on the price)0.0%
Profit margin 2021 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.30% → 18%
2025 sits 106% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Growth Forecast
A lot of optimism in the price
The price assumes less growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+22.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+13.8%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in JPY, Japan: IMF forecast 2.1% a year to 2030, 1.3% from 2016 to 2025) that is about +20.3% a year for the price and +11.5% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Software - Application · 710 stocks
Beats the industry median on 8/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score59 · Above median
Fair Value upside+50% · Top 25%
Profitability
Return on equity (TTM)16% · Top 25%
Return on assets13% · Top 25%
Net margin (TTM)6% · Above median
Operating margin (TTM)13% · Above median
Growth and dividend
Revenue growth1% · Below median
Valuation Multiplesvs Software - Application median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "COVER Corporation Fair Value". https://www.fairvalue-calculator.com/stock/COVCF
Frequently asked questions
Is COVER Corporation (COVCF) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of $15.30 versus a price of $10.20, about +50% upside (undervalued).
What is the fair value of COVCF?
Our model-based fair value for COVER Corporation is $15.30 (as of Sep 23, 2026), built from audited fundamentals. The current price: $10.20.
What is the quality score of COVCF?
COVER Corporation has a Quality Score of 59/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for COVER Corporation (COVCF)?
Our model-based price target is the fair value of $15.30 (as of Sep 23, 2026) from 24 valuation models. Cautious scenario $7.31, optimistic scenario $19.12. It is a calculation from audited fundamentals, not an analyst target.
What is the COVER Corporation stock forecast for 2026?
Our models put fair value at $15.30, about +50% upside versus a price of $10.20 (undervalued). Cautious scenario $7.31, optimistic scenario $19.12. The calculation is refreshed regularly with new filings.
What is the revenue of COVER Corporation (COVCF)?
COVER Corporation reported trailing-twelve-month revenue of about ¥49.3B (latest available figure, as of Sep 23, 2026).
What growth is priced into COVER Corporation (COVCF)?
For today's price to be fair in a discounted-cash-flow model, COVER Corporation would have to grow free cash flow by +22.9 % per year for five years (discount rate 11.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 4 years revenue grew +65.9 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of COVCF use?
Our models discount COVER Corporation at 11.0 %: a base by market capitalisation (small), damped by beta 0.93, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For COVER Corporation that is +22.9 % per year a year over ten years, using the same discount rate (11.0 %) and the same formula as our fair value.
How much growth has COVER Corporation (COVCF) delivered so far?
Over the past 4 years revenue at COVER Corporation grew +65.9 % a year. The price currently implies +22.9 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of COVER Corporation (COVCF) growing?
The median revenue growth in the sector is +8.2 % a year. That is the yardstick for the growth priced into COVER Corporation (+22.9 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of COVER Corporation (COVCF)?
The free-cash-flow yield on the price is 2.65 %: that much free cash flow COVER Corporation produces per unit of market value. When it exceeds the discount rate of our models (11.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of COVER Corporation (COVCF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For COVER Corporation it is $15.30 per share (as of Sep 23, 2026), against a price of $10.20. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is COVER Corporation stock overvalued or undervalued in 2026?
As of Sep 23, 2026, COVCF trades below its calculated fair value: price $10.20, fair value $15.30, a gap of about +50% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of COVCF?
No. The price is what the market pays today ($10.20); the fair value is what the company's own numbers justify ($15.30). For COVER Corporation the two are $5.10 per share apart. That gap is exactly why we show both numbers side by side.
How much is COVER Corporation worth?
The market values COVER Corporation at about $670M (market capitalisation, as of Sep 23, 2026). Per share that is $10.20; our models calculate a fair value of $15.30 per share.
What do the bullish and bearish scenarios say about COVCF?
Our models span a range for COVER Corporation: cautious scenario $7.31, base $15.30, optimistic $19.12 per share (as of Sep 23, 2026, price $10.20). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of COVCF?
COVER Corporation trades at a price-to-earnings ratio of 36.4 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $15.30 is built from several models across several years. Other multiples: P/B 6.3, P/S 2.2, EV/EBITDA 11.1.
How solid is the balance sheet of COVER Corporation (COVCF)?
Balance-sheet figures for COVER Corporation (as of Sep 23, 2026): return on equity 16.3%. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is COVCF from its 52-week high?
COVER Corporation trades at $10.20, about 25% below its 52-week high of $13.61 and 35% above the low of $7.57 (as of Sep 18, 2026). Distance from the high says nothing about value: that is what the fair value of $15.30 is for.
Which stocks are comparable to COVER Corporation?
From the same area (Technology) we also value SAP SE, Shopify Inc, Uber Technologies, Inc, Salesforce, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is COVER Corporation stock attractive at the current price?
The data as of Sep 23, 2026: price $10.20, calculated fair value $15.30 (+50%), Quality Score 59/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of COVCF calculated?
We run COVER Corporation through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $15.30, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. COVER Corporation currently trades 50 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of COVER Corporation (COVCF)?
The closing price on Sep 18, 2026 was $10.20. Our model-based fair value is $15.30, about +50% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with COVER Corporation right now?
The model range is unusually wide ($7.31 to $19.12). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (59/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of COVER Corporation
How large is the market capitalisation of COVER Corporation (COVCF)?
The market capitalisation of COVER Corporation is $670M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of COVER Corporation (COVCF)?
The price-to-sales ratio of COVER Corporation is 4.67 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of COVER Corporation (COVCF)?
Earnings per share at COVER Corporation are $0.2800 (price ÷ EPS = P/E 36.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of COVER Corporation (COVCF)?
The net margin of COVER Corporation is 12.8% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of COVER Corporation (COVCF)?
The return on equity (ROE) of COVER Corporation is 16.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of COVER Corporation (COVCF)?
On an EBIT basis the return on assets of COVER Corporation is 28.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of COVER Corporation (COVCF)?
The operating margin of COVER Corporation is 12.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at COVER Corporation (COVCF)?
Revenue at COVER Corporation is growing +0.8% versus a year earlier (3y avg +47.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at COVER Corporation (COVCF)?
Earnings per share at COVER Corporation are growing +16.2% versus a year earlier. How much earnings per share grew versus a year earlier.
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Broad data
Sep 23, 2026