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Hard Off Corporation Co., Ltd.
(2674)
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Rating:79Outperform
Price Target:
¥3,058.00
▲(52.67% Upside)
Action:Reiterated
Date:05/17/26
The score is driven primarily by strong financial performance (robust revenue growth and improved operating profitability) and very attractive valuation (low P/E with a solid dividend yield). Technicals are supportive with price above major moving averages and positive MACD, but overbought RSI/Stoch readings and the recent step-up in debt with uneven cash conversion keep the overall score below the top tier.
Positive Factors
Sustained Revenue Growth
Multi-year top-line growth doubling over five years demonstrates durable consumer demand for reused goods and effective store expansion. Sustained revenue expansion supports scale economics, better procurement terms, reinvestment capacity and resilience across retail cycles over the next 2–6 months and beyond.
Negative Factors
Steep Increase in Debt (2026)
A sharp jump in leverage reduces financial flexibility and increases interest exposure. With higher debt, the company has less room for opportunistic investments or to absorb shocks, and must generate stronger cash flow to maintain credit metrics and dividend policy over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Revenue Growth
Multi-year top-line growth doubling over five years demonstrates durable consumer demand for reused goods and effective store expansion. Sustained revenue expansion supports scale economics, better procurement terms, reinvestment capacity and resilience across retail cycles over the next 2–6 months and beyond.
Read all positive factors
Hard Off Corporation Co., Ltd. (2674) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥37.07B
Dividend Yield3.77%
Average Volume (3M)26.12K
Price to Earnings (P/E)14.7
Beta (1Y)0.48
Revenue Growth17.14%
EPS Growth8.80%
CountryJP
Employees785
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)157.61
Shares Outstanding13,954,000
10 Day Avg. Volume23,860
30 Day Avg. Volume26,123
Financial Highlights & Ratios
PEG Ratio1.22
Price to Book (P/B)1.34
Price to Sales (P/S)0.69
P/FCF Ratio22.79
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Hard Off Corporation Co., Ltd. Business Overview & Revenue Model
Company Description
Hard Off Corporation Co.,Ltd. operates reuse shops in Japan. It operates through Reuse Business and FC Business segments. The company’s shops offer TVs, audio and video products, computers, games, watches, cameras, smartphones, tablets, sets and p...
How the Company Makes Money
Hard Off primarily makes money by retailing secondhand goods that it acquires from individuals and other sources, earning a gross margin between its purchase (procurement) price and its resale price. Key revenue streams include: (1) Resale of used...
Hard Off Corporation Co., Ltd. Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
74
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 33.90B | 39.28B | 33.53B | 30.11B | 27.04B | 24.51B |
| Gross Profit | 23.27B | 26.72B | 23.00B | 20.66B | 18.59B | 16.84B |
| EBITDA | 4.07B | 4.50B | 4.11B | 3.59B | 3.01B | 2.14B |
| Net Income | 2.19B | 2.52B | 2.31B | 2.09B | 1.65B | 1.04B |
Balance Sheet | ||||||
| Total Assets | 25.93B | 31.60B | 26.39B | 23.79B | 21.27B | 19.05B |
| Cash, Cash Equivalents and Short-Term Investments | 3.01B | 3.31B | 3.01B | 3.02B | 2.91B | 2.60B |
| Total Debt | 5.07B | 6.35B | 3.18B | 2.43B | 2.15B | 2.25B |
| Total Liabilities | 8.19B | 11.27B | 8.02B | 6.79B | 5.92B | 5.30B |
| Stockholders Equity | 17.63B | 20.22B | 18.27B | 16.90B | 15.28B | 13.69B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 1.19B | 822.66M | 737.75M | 1.13B | 963.62M |
| Operating Cash Flow | 0.00 | 2.47B | 2.14B | 1.87B | 1.77B | 1.48B |
| Investing Cash Flow | 0.00 | -2.71B | -1.84B | -1.20B | -820.75M | -219.54M |
| Financing Cash Flow | 0.00 | 521.42M | -334.41M | -587.97M | -714.03M | -899.69M |
Hard Off Corporation Co., Ltd. Technical Analysis
Positive
2003.00
Price Trends
2342.66
Positive
2160.33
Positive
1995.11
Positive
Market Momentum
75.89
Negative
62.31
Neutral
78.41
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:2674, the sentiment is Positive. The current price of 2003 is below the 20-day moving average (MA) of 2500.15, below the 50-day MA of 2342.66, and above the 200-day MA of 1995.11, indicating a bullish trend. The MACD of 75.89 indicates Negative momentum. The RSI at 62.31 is Neutral, neither overbought nor oversold. The STOCH value of 78.41 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:2674.
Hard Off Corporation Co., Ltd. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | ¥37.07B | 14.74 | ― | 3.77% | 17.14% | 8.80% | |
74 Outperform | ¥53.89B | 16.62 | ― | 2.19% | 15.14% | 17.01% | |
72 Outperform | ¥202.94B | 27.37 | ― | 0.64% | 53.35% | 107.20% | |
66 Neutral | ¥19.87B | 13.79 | ― | 3.53% | -1.39% | -15.59% | |
66 Neutral | ¥30.20B | 10.93 | ― | 0.95% | 15.82% | ― | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
59 Neutral | ¥33.95B | 13.78 | ― | 1.73% | 7.61% | 57.19% |
* Consumer Cyclical Sector Average
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Hard Off Corporation Co., Ltd. Corporate Events
Hard Off Releases Monthly Sales and Store Count Data for Fiscal 2026-27
Jun 10, 2026
Hard Off Corporation reported monthly year-on-year sales data for its directly operated stores for the fiscal year ending March 31, 2027, covering domestic and overseas operations across its various OFF-branded formats. The disclosure also detaile...
Hard Off Discloses Parent Yamamoto Asset’s Fiscal 2026 Balance Sheet
May 29, 2026
Hard Off has disclosed that its parent company, Yamamoto Asset Co., Ltd., has finalized financial results for the fiscal year ended February 2026, providing an updated picture of the balance sheet and capital structure at the top of the group. Yam...
Hard Off Clarifies Relationship With Controlling Shareholder Yamamoto Asset
May 29, 2026
Hard Off Corporation has disclosed that Yamamoto Asset Co., Ltd. is an affiliated company and its controlling shareholder, holding 33.60% of the company’s voting rights as of March 31, 2026. Despite this significant stake and the fact that o...
Hard Off Renews Takeover Defense Policy to Protect Corporate Value
May 25, 2026
Hard Off Corporation has decided to renew its takeover response policy, originally introduced in 2008, subject to shareholder approval at the upcoming 54th annual general meeting. The plan is designed to prevent control of the company’s fina...
Hard Off Raises Year-End Dividend, Reaffirming Stable Shareholder Return Policy
May 25, 2026
Hard Off Corporation has approved a year-end dividend of ¥85 per share for the fiscal year ended March 31, 2026, with a total payout of ¥1,182 million, up from ¥78 per share in the previous year. The dividend, with an effective date...
Hard Off Raises Year-End Dividend Forecast to 85 Yen Per Share
May 12, 2026
Hard Off Corporation has revised its dividend forecast for the fiscal year ended March 2026, raising the planned year-end dividend from 78 yen to 85 yen per share. The previous fiscal year’s total dividend was 78 yen, and there will be no in...
Hard Off’s Profit Jumps on Subsidiary Acquisition and Strong Store Sales
May 12, 2026
Hard Off Corporation reported strong year-on-year growth in its non-consolidated results for the fiscal year ended March 31, 2026, with net sales rising 28.1% to ¥29,980 million and net profit surging 46.8% to ¥3,038 million. Profitabili...
Hard Off Extends Record Run With Strong FY2026 Results and Higher Dividend
May 12, 2026
Hard Off posted record net sales of ¥39.3 billion and record profits for the year to March 2026, marking its 30th consecutive year of sales growth. Growth was driven by solid 4.3% same-store sales in Japan, the opening of 30 new directly oper...
Hard Off lifts sales, boosts dividend and targets strong profit growth
May 12, 2026
Hard Off Corporation reported consolidated net sales of ¥39.3 billion for the fiscal year ended March 31, 2026, a 17.1% increase year on year, with operating profit up 5.3% to ¥3.39 billion and profit attributable to owners of the parent...
Hard Off posts monthly year-on-year sales data and store counts for FY 2027
May 11, 2026
Hard Off Corporation reported monthly year-on-year sales data for its directly operated stores, covering both domestic and overseas locations for the fiscal year ending March 31, 2027. The disclosure includes aggregated sales figures for the compa...
Hard Off boosts directly operated store network and reports solid year-on-year sales gains
Apr 10, 2026
Hard Off Corporation reported year-on-year monthly sales for its directly operated stores for the fiscal year ending March 31, 2026, covering all of its key formats, including newly consolidated subsidiaries. The company noted that total store fig...
Hard Off Books ¥1.16 Billion Extraordinary Gain From Wattmann Share Sale
Apr 9, 2026
Hard Off Corporation has disclosed that it will record an extraordinary gain after selling part of its shareholdings in Wattmann Co., Ltd. The company participated in a tender offer conducted by IAPF3 Co., Ltd., resulting in the completion of the ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.