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9684.T · Square Enix Holdings 2,994.00 JPY +55.50 (+1.89%) 2026-SEP-18 02:30 EST

My allocationNot heldas of 2026-SEP-03 · allocation page ↗
Research: QT · SA · STK1 mention
2026-JUL-10 · App Economy Insights · App Economy Insights (Substack newsletter) · Neutralmention · read ↗ · source page ↗2,599.00 JPY

In short: The low end of the group (2.0x, ~$4B valuation). Final Fantasy and Dragon Quest carry the portfolio, but operating margin sits ~13% (roughly half the peer average) on uneven execution, bloated budgets and high-profile misses. An activist investor is now pushing management to close the gap — and 3x'ing Ubisoft's valuation would merely put it in line with Square Enix. (Recap, not a stance call.)

In plain English

Square Enix is the Japanese maker of the Final Fantasy and Dragon Quest role-playing games. It's the cheap, troubled name in the group (valued at about 2 times yearly sales) because its profit margin is only around 13% — roughly half its peers — thanks to uneven execution, over-budget projects and several flops. An activist investor (an outside shareholder who buys in specifically to pressure management into changes) is now pushing it to fix that. Square Enix mainly matters here as a yardstick: even if you tripled Ubisoft's rock-bottom valuation, you'd only reach Square Enix's still-modest level. A recap, not a call.

SOD 2,599.00 JPY

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