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Square Enix Holdings Co. Ltd (SQNXF) Fair Value & Analysis

Communication Services · US · Market cap $5.8B · ISIN JP3164630000

What is Square Enix Holdings Co. Ltd really worth?

SE Square Enix Holdings Co. Ltd logo Square Enix Holdings Co. Ltd SQNXF · US
Price$18.25
Fair Value$17.36
Upside−4.9%
Quality73/100

A solid business, currently priced close to our fair value of $17.36.

As of Aug 28, 2026, the fair value of Square Enix Holdings Co. Ltd is $17.36 per share against a price of $18.25, so the fair value sits 5% below the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

✓Low debt · generates free cash flow
✓Ranks above peers (9/15)

Risks

!Weak Growth (revenue 5y −2.0 %/yr)
!Thin margins · 10.0% net margin
!Moderate moat 49/100
!Weak on valuation: 27 out of 100

For context

·1.70% dividend yield
Evidence: High Range $13.35 – $21.12

Fair value as of: Aug 28, 2026

From 23 valuation models · updated 9 days ago

Share price +18.1% over the past month.

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • The price sits in the upper half of our model range, so the margin of safety is thin.
  • The data supports the verdict: every model runs on fully documented inputs.

Price vs Fair Value (5 years)

$25.21 $6.23 Fair Value $17.36 Jul 2015 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 28, 2026.

How to read this chart

60‑month range $6.23 – $25.21 · fair‑value band $13.35 – $21.12 · the $18.25 price screens above the $17.36 fair value. Dashed = 300-day average. As of Aug 28, 2026.

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Analysis

Square Enix Holdings Co. Ltd (SQNXF) currently trades at $18.25, while our model-based Fair Value estimate is $17.36, implying the stock looks roughly 5.1% fairly valued today. The Quality Score stands at 73/100 (solid quality), in the Communication Services sector. Bull case: the DCF Models group reads highest at a median of $24.99 per share, and 13 of the 23 models we run sit above the $18.25 price. Bear case: the Asset-Based group reads lowest at $6.23, and 10 of the 23 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Square Enix Holdings Co. Ltd generated revenue of ¥298B at a net margin of 10.0%. Revenue grew 8.2% year over year. It earns a return on equity of 8.7%. The balance sheet holds a net cash position of ¥278B. Fundamentals as of Aug 28, 2026

Our scenario range runs from $13.35 (bear case) to $21.12 (bull case); at $18.25, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 28% below its 52-week high and 30% above its 52-week low, currently below its 200-day average. For context, the median of 10 Communication Services peers we cover trades at −46% fair-value upside, at −5%, SQNXF screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model 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
Highest evidence
FCF DCF best evidence $19.68 $24.91 $32.11 82
Growth DCF $19.98 $24.79 $31.10 80
Owner Earnings $16.07 $19.77 $24.86 78
All 23 models by family
DCF Models
FCF DCF best evidence $19.68 $24.91 $32.11 82
Owner Earnings $16.07 $19.77 $24.86 78
5Y Revenue Exit $19.76 $26.29 $34.35 74
5Y EBITDA Exit $20.30 $27.26 $35.03 76
5Y P/E Exit $19.10 $25.12 $31.11 72
10Y Revenue Exit $19.24 $24.99 $32.14 68
10Y EBITDA Exit $19.94 $25.63 $32.62 70
10Y P/E Exit $19.21 $24.21 $29.82 65
Earnings-Based
Graham-Dodd $5.37 $12.98 $16.77 65
PEG = 1.0 $2.30 $3.28 $4.27 57
EPV $15.60 $16.90 $18.02 74
Multiples
P/E Multiple $13.02 $17.36 $21.70 63
P/S Multiple $10.06 $13.41 $16.77 58
P/B Multiple $10.06 $13.41 $16.77 55
EV/EBIT $24.86 $30.69 $36.52 66
EV/EBITDA $22.56 $27.63 $32.70 67
EV/Revenue $20.63 $26.31 $32.00 54
Asset-Based
NCAV (Graham) $4.65 $6.23 $9.30 54
Growth DCF
Growth DCF $19.98 $24.79 $31.10 80
Rev-Margin DCF $19.76 $26.41 $33.59 74
Economic Profit
Residual Income $7.72 $8.31 $9.61 71
ROIC Compounder $15.85 $17.50 $19.12 72
Growth Earnings
Growth-Adj P/E $9.90 $14.15 $18.39 67

Widest divergence: DCF Models ($24.99) versus Asset-Based ($6.23). Highest evidence: FCF DCF (82).

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Key figures & financial health

P/E ratio 35.8
P/S ratio 3.56 P/E × margin
EPS (TTM) $0.5100 price ÷ EPS = P/E 35.8
Dividend yield 1.7% payout 60.8%
Net margin 9.9% FY2026
Return on equity 8.7% TTM
More key figures
Profitability
Return on assets (EBIT) 11.4% avg 5y
Operating margin 10.2% TTM
Growth
Revenue (TTM) ¥298B TTM
Revenue growth (YoY) +8.2% 3y avg −4.4%
EPS growth (YoY) +363%
Balance sheet & cash flow
Free cash flow ¥45.6B FY2026
Net cash ¥278B FY2026

Figures from reported company fundamentals · as of Aug 28, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 73/100

Of which business quality 73 · Market factors (momentum, volatility) 58

Profitability 49
Margins and returns on capital today
Quality Growth 46
Are margins and returns improving?
Cashflow 76
Earnings quality: real cash, not paper profit
Fin. Strength 98
Balance sheet, leverage, solvency risk
Investment 89
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 57
Price trend over the last 3–12 months (market factor)
52W Momentum 69
Distance to the 52-week high (market factor)
Net Issuance 80
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Square Enix Holdings Co., Ltd. operates in the content and service businesses in Japan and internationally. It operates through Digital Entertainment Business, Amusement Business, Publishing Business, and Rights Property Business. The company plans, develops, sells, and manages digital entertainment content primarily in the form of computer games.

Full company description

Square Enix Holdings Co., Ltd. operates in the content and service businesses in Japan and internationally. It operates through Digital Entertainment Business, Amusement Business, Publishing Business, and Rights Property Business. The company plans, develops, sells, and manages digital entertainment content primarily in the form of computer games. It is also involved in the operation of amusement facilities; and planning, development, manufacture, sale, and rental of arcade game machines and related products for amusement facilities. In addition, the company publishes and licenses comic books, magazines, game-related books, periodicals, etc. Further, it plans, produces, develops, and licenses secondary works; and offers content under the SQUARE ENIX PRODUCTS brand; and stuffed toys and utility goods under the SQEX TOYS brand. The company was incorporated in 1975 and is headquartered in Tokyo, Japan.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Square Enix Holdings Co. Ltd reported revenue of ¥300B in FY2026 versus ¥365B in FY2022, a compound −4.8%/yr. Reported net income was ¥29.8B in FY2026, compounding −12.6%/yr from FY2022.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2026)
¥300B
Latest YoY
−7.7%
Avg. revenue growth/yr (3Y) ⓘ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.
−4.4%
Avg. revenue growth/yr (5Y) ⓘ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.
−2.0%
Avg. revenue growth/yr (21Y) ⓘ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.
+6.9%
Value creation/yr (5Y, in JPY) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. 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.
+3.6% · in JPY
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+1.9%
Dividend yield1.7%
Trend ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5Y 1.9% vs 10Y 4.3%, steady
Operating margin (EBIT) ⓘ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.14.3% (2021) → 18.4% (2026) · rising
Worst earnings drop274% (2013) (loss year, drop beyond 100%) · in JPY
Revenue −4.8%/yr
FY22 ¥365B
FY23 ¥343B
FY24 ¥356B
FY25 ¥325B
FY26 ¥300B
Net income −12.6%/yr
FY22 ¥51.0B
FY23 ¥49.3B
FY24 ¥14.9B
FY25 ¥24.4B
FY26 ¥29.8B
Character of growth · EPS growth decomposed (2015-2026) +3.8 % p.a.
Revenue per share +4.9 %

of which total revenue +4.9 % · buybacks/dilution +0.0 %

EBIT margin +1.3 %
Tax rate −2.4 %
Residual (interest, one-offs) +0.0 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Square Enix Holdings Co. Ltd Fair Value". https://www.fairvalue-calculator.com/stock/SQNXF

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Electronic Gaming & Multimedia · 151 stocks

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.

Quality Score 73 · Top 25%
Fair Value upside −5% · Above median
Return on equity (TTM) 9% · Above median
Return on assets 8% · Above median
Net margin (TTM) 10% · Above median
Operating margin (TTM) 10% · Above median
Revenue growth 8% · Above median
Dividend yield (TTM) 1.7% · Below median

Valuation Multiples vs Electronic Gaming & Multimedia median · lower = cheaper

P/E (TTM) 35.8× · Pricier than 75% of peers
P/B 2.57× · Pricier than median
P/S (TTM) 3.03× · Pricier than 75% of peers
P/FCF 0.1× · Cheaper than 75% of peers
EV/EBITDA 9.8× · Pricier than median
PEG 3.11× · Pricier than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE27 · sector 17
FUTURE41 · sector 7
PAST35 · sector 17
HEALTH100 · sector 100
DIVIDEND34 · sector 55

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Electronic Gaming & Multimedia stocks, each showing price versus our Fair Value estimate (as of Aug 28, 2026).

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NetEase, Inc 9999 HK$188.80 HK$263.39 +40%
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Take-Two Interactive Software, Inc TTWO $233.00 $60.20 −74%
Roblox Corporation RBLX $41.29 $21.20 −49%
Zhejiang Century Huatong Group 002602 ¥13.90 ¥14.68 +6%
KRAFTON, Inc 259960 234,500 KRW 356,218 KRW +52%
Giant Network Group 002558 ¥28.57 ¥15.50 −46%
International Games System Co 3293 762.00 TWD 568.16 TWD −25%
CD Projekt S.A CDR 234.40 PLN 64.48 PLN −72%

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Frequently asked questions

Is Square Enix Holdings Co. Ltd (SQNXF) overvalued or undervalued?
As of Aug 28, 2026, our model estimates a fair value of $17.36 versus a price of $18.25, about −5% upside (fairly valued).
What is the fair value of SQNXF?
Our model-based fair value for Square Enix Holdings Co. Ltd is $17.36 (as of Aug 28, 2026), built from audited fundamentals. The current price: $18.25.
What is the quality score of SQNXF?
Square Enix Holdings Co. Ltd has a Quality Score of 73/100. 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 Square Enix Holdings Co. Ltd (SQNXF)?
Our model-based price target is the fair value of $17.36 (as of Aug 28, 2026) from 23 valuation models. Cautious scenario $13.35, optimistic scenario $21.12. It is a calculation from audited fundamentals, not an analyst target.
What is the Square Enix Holdings Co. Ltd stock forecast for 2026?
Our models put fair value at $17.36, about −5% upside versus a price of $18.25 (fairly valued). Cautious scenario $13.35, optimistic scenario $21.12. The calculation is refreshed regularly with new filings.
What is the revenue of Square Enix Holdings Co. Ltd (SQNXF)?
Square Enix Holdings Co. Ltd reported trailing-twelve-month revenue of about ¥298B (latest available figure, as of Aug 28, 2026).
What is the net profit margin of SQNXF?
The net profit margin of Square Enix Holdings Co. Ltd is about 10.0%, meaning it keeps roughly 10.0% of revenue as net income. Based on the latest reported figures.
Does Square Enix Holdings Co. Ltd pay a dividend?
Square Enix Holdings Co. Ltd currently shows a dividend yield of about 1.70% relative to its recent price (as of Aug 28, 2026).
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