January 17, 2026, 9:46 PM EST. V-cube, Inc. (TSE:3681) gained 39% in the past month, extending a shaky spell, yet the stock is down 21% over the past 12 months. The rebound comes as revenue trends worsen: last year's revenue fell 8.3%, and three-year revenue is down about 18%. The stock trades at a P/S ratio (price-to-sales) of roughly 0.4x, below many peers in Japan's Telecom sector where the median is above 1x. While a lower P/S can reflect weaker growth, there are no published analyst forecasts for V-cube in our data. Industry forecasts expect sector revenue to grow about 3.6% next year, setting a hurdle if V-cube's top line does not improve. In short, the market prices in subdued growth even as shares rally.