Why Did Metaplanet (TSE:3350) Move Today?

Metaplanet (TSE:3350) was removed from the FTSE All-World Index (USD) on 19 September 2026. This index change can affect passive fund ownership and liquidity for the stock.

At around ¥283 per share, Metaplanet has seen the 7-day share price return climb 16.46%, even as the 30-day share price return fell 18.21% and the year-to-date share price return declined 39.53%. The 3-year total shareholder return remains extremely high at more than 10x, suggesting that recent index exclusion may be cooling shorter term momentum after a very strong multi year run.

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Metaplanet has already delivered a multi year windfall, yet the stock now trades after an index exit and sharp pullback. Is most of the payoff in the rearview, or does the current valuation still leave meaningful upside on the table?

Preferred Price-to-Sales Multiple of 30.9x: Is it justified?

Metaplanet now trades at a price that equates to a P/S ratio of 30.9x, a level that sits far above both its estimated fair multiple and its peer group. At a last close of ¥283, investors are clearly paying a premium relative to the sales the business currently generates.

The P/S multiple compares the total market value of the equity to annual revenue, which can be useful when companies are loss making or earnings are volatile. For Metaplanet, which is currently unprofitable with a reported net loss of ¥283,879 on revenue of ¥11,733, this ratio helps frame how much the market is willing to pay for each unit of top line.

This is where the gap becomes stark. Metaplanet is described as expensive based on its P/S of 30.9x versus an estimated fair P/S of 2.2x. The market could plausibly drift toward this level if enthusiasm cools. The same 30.9x figure also sits far above the peer average of 1.3x and the broader JP Hospitality industry average of 0.9x, which signals that traders are assigning a very rich valuation compared with sector norms.

Explore the SWS fair ratio for Metaplanet.

Result: Price-to-Sales of 30.9x (OVERVALUED)

Still, Metaplanet relies heavily on bitcoin related revenue and carries a reported net loss of ¥283,879, so sentiment could shift quickly if trading conditions weaken.

Find out about the key risks to this Metaplanet narrative.

Another View on Metaplanet’s Value

The P/S workup paints Metaplanet as expensive, yet the SWS DCF model tells a slightly different story. On this view, the shares trade at ¥283 compared with an estimated future cash flow value of ¥270.35, which points to the stock being modestly overvalued rather than wildly stretched. Does that smaller gap change how you think about risk versus potential reward?

Look into how the SWS DCF model arrives at its fair value.

Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Metaplanet for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 17 high quality undervalued stocks. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity.

Next Steps

Mixed signals on Metaplanet’s valuation and risk profile can feel unsettling. Move quickly, test the numbers yourself, and weigh both the concern and the potential. To see the full balance of risks and bright spots in one place, review the 1 key reward and 2 important warning signs

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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