GMO Payment Gateway runs the payment processing backbone for Japanese merchants, with its core Multi-Payment Service (MPS) handling card acquiring, online payment gateways and related settlement for e-commerce and brick-and-mortar retailers. The moat is largely the merchant integration base and the bank and card-network connections that take years to build and are costly for merchants to switch away from. Revenue is growing 16.8%, and a 43.6% operating margin on a 66.0% gross margin suggests the platform is earning well above what its scale would imply for a payments processor. The forward P/E of 32.8 sits above the trailing 28.1, so the market is not pricing in a margin contraction, and the question for a deeper look is whether the cashless-payment shift in Japan can keep that growth rate going as it matures. With a 21.7% ROE and no index membership, the name is worth a closer look mainly on the durability of that growth and margin profile rather than on valuation alone.
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| Date | Type | New | Previous | Price |
|---|---|---|---|---|
| 23 Oct 2026, 01:53 CEST | ACCE price target | ¥8150 | first publication | ¥8909 |
Answered from GMO Payment Gateway, Inc. fundamentals + recent valuations. Every number shows its source and date.
| Company | Price | Fair value | vs fair value | P/E | ROE | Quality | Score |
|---|---|---|---|---|---|---|---|
| 3769.T GMO Payment Gateway, Inc. | ¥8725.00 | - | - | 27.1x | 21.7% | 91 | 72 |
| 4704.T Trend Micro Incorporated | ¥7314.00 | - | - | 27.2x | 30.0% | 86 | 65 |
| 4716.T Oracle Corporation Japan | ¥10260.00 | - | - | 19.1x | - | 46 | 55 |
| OFSS.NS Oracle Financial Services Software Limited | ₹9843.00 | - | - | 24.7x | 49.9% | 96 | 81 |
| PAYP PayPay Corporation American Depository Shares | $15.21 | $17 | 12% below | 12.8x | 37.3% | 87 | 66 |
| DOCN DigitalOcean Holdings Inc. Common Stock | $92.00 | $40 | 128% above | 42.4x | 62.3% | 70 | 48 |
| PAYTM.NS One97 Communications Limited | ₹1661.40 | - | - | 161.4x | - | 59 | 61 |
Where 3769.T ranks against its sector peers on each metric.