Ichimasa Kamaboko Co., Ltd. (2904) AI Stock Analysis

Ichimasa Kamaboko Co., Ltd.

(TSE/TYO:2904)

Select Model

Rating:49Neutral

Price Target:JPY 753.00▲(0.00% Upside)

Action:reiterated

Date:08/10/26

The score is held back primarily by weakening profitability and inconsistent free cash flow despite higher recent revenue, which reduces financial flexibility. Technical indicators also show soft momentum (negative MACD and sub-50 RSI, with price below key short-term moving averages). Valuation is a secondary drag due to a relatively high P/E with only a modest dividend yield.

Positive Factors

Revenue Growth MomentumA material revenue increase in 2026 shows the company can expand top-line volume or capture incremental demand. Sustained higher sales provide a base to scale fixed-cost absorption and invest in product development or distribution, supporting multi-month recovery if margins stabilize.

Negative Factors

Margin CompressionA sustained drop in gross margin materially erodes profitability and operating leverage. If higher input or mix pressures persist, the company will have less capacity to fund reinvestment, service debt, or restore payouts, increasing execution risk across the medium term.

Ichimasa Kamaboko Co., Ltd. (2904) vs. iShares MSCI Japan ETF (EWJ)

Market Cap: JPY 13.80B
Dividend Yield: 1.86%
Average Volume (3M): 3,971
Price to Earnings (P/E): 42.3
Beta (1Y): 0.01
Revenue Growth: 2.79%
EPS Growth: -56.06%
Country: Japan
Employees: 938
Sector: Consumer Defensive
Sector Strength: 62
Industry: Packaged Foods

Ichimasa Kamaboko Co., Ltd. Business Overview & Revenue Model

Company Description

Ichimasa Kamaboko Co., Ltd. is a Japan-based company that manufactures and sells fish-paste products, prepared side dishes, and mushrooms. The company is engaged in the production of items such as imitation crab sticks, kamaboko, and other processed...

How the Company Makes Money

Ichimasa Kamaboko makes money mainly by manufacturing and selling processed food products, with revenue recognized from product shipments/sales to wholesalers, retailers, and food-service customers. The core revenue stream is sales of surimi-based pr...

Ichimasa Kamaboko Co., Ltd. Financial Statement Overview

Summary

Financial statement signals are mixed: revenue improved (including a large jump in 2026), but profitability deteriorated materially with gross margin compressing (~28% in 2021 to ~19% in 2026) and net margin falling to ~0.9% in 2026. Balance sheet leverage is moderate and assets/equity are fairly stable, but returns have weakened significantly. Cash flow is the key risk: free cash flow has been volatile (strongly positive in 2024, negative in 2025, only modestly positive in 2026), limiting flexibility.

Income Statement

54Neutral

Balance Sheet

58Neutral

Cash Flow

43Neutral

Financial statement breakdown
Breakdown	TTM	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	35.54B	35.54B	34.58B	34.49B	32.81B	31.64B
Gross Profit	6.62B	6.62B	6.99B	7.11B	5.38B	6.03B
EBITDA	2.52B	2.52B	2.78B	2.86B	1.31B	1.90B
Net Income	326.21M	326.21M	746.87M	957.48M	84.12M	565.36M
Balance Sheet
Total Assets	30.89B	30.89B	30.41B	31.39B	31.12B	25.30B
Cash, Cash Equivalents and Short-Term Investments	1.30B	1.30B	1.10B	3.22B	1.41B	2.32B
Total Debt	10.02B	10.02B	9.94B	10.24B	11.50B	5.61B
Total Liabilities	15.85B	15.85B	15.50B	16.89B	17.54B	11.43B
Stockholders Equity	14.98B	14.98B	14.83B	14.50B	13.58B	13.86B
Cash Flow
Free Cash Flow	0	357.93M	-996.47M	3.11B	-5.54B	-667.36M
Operating Cash Flow	0	2.19B	1.56B	5.17B	-1.03B	1.81B
Investing Cash Flow	0	-1.79B	-2.62B	-1.77B	-3.98B	-2.26B
Financing Cash Flow	0	-208.82M	-1.05B	-1.59B	4.09B	1.44B

Ichimasa Kamaboko Co., Ltd. Technical Analysis

Technical Analysis SentimentNegative

Last Price753.00

Price Trends

50DMA754.12Negative

100DMA757.38Negative

200DMA750.36Positive

Market Momentum

MACD-0.23Positive

RSI46.15Neutral

STOCH25.00Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:2904, the sentiment is Negative. The current price of 753.00 is below the 20-day moving average (MA) of 754.30, below the 50-day MA of 754.12, and above the 200-day MA of 750.36, indicating a neutral trend. The MACD of -0.23 indicates Positive momentum. The RSI at 46.15 is Neutral, neither overbought nor oversold. The STOCH value of 25.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:2904.

Ichimasa Kamaboko Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (62)

Financial Indicators

JP:2904 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
JP:2831	71Outperform	JPY 33.64B	10.04	―	1.96%	2.00%	35.75%
JP:1332	68Neutral	JPY 337.83B	11.84	9.78%	3.06%	8.09%	9.61%
Sector *	62Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
JP:2933	61Neutral	JPY 23.99B	26.73	―	1.90%	-0.27%	-62.67%
JP:2923	52Neutral	JPY 34.65B	18.89	―	1.09%	6.18%	-35.54%
JP:2904	49Neutral	JPY 13.88B	42.26	―	1.86%	2.79%	-56.06%
JP:2901	37Underperform	JPY 1.97B	25.91	―	5.80%	―	―

* Consumer Defensive Sector Average

Performance Comparison

JP:2904 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
JP:2904	Ichimasa Kamaboko Co., Ltd.	753.00	22.22	3.04%
JP:1332	Nippon Suisan Kaisha	1111.00	72.05	6.93%
JP:2831	Hagoromo Foods Corporation	3575.00	371.01	11.58%
JP:2901	Ishigaki Foods Co., Ltd.	69.00	-515.81	-88.20%
JP:2923	Sato Foods Co., Ltd.	6870.00	-779.26	-10.19%
JP:2933	KIBUN FOODS INC.	1051.00	1.13	0.11%

Ichimasa Kamaboko Co., Ltd. Corporate Events

Ichimasa Kamaboko Sees Profit Decline Despite Higher Sales, Keeps Dividend and Eyes Margin Recovery

May 18, 2026

Ichimasa Kamaboko reported consolidated net sales of ¥28.17 billion for the nine months ended March 31, 2026, a 2.6% increase year on year, while operating profit fell 15% to ¥973 million and profit attributable to owners of parent dropped...

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.

Date of analysis: Aug 10, 2026

Ichimasa Kamaboko Co., Ltd. AI Stock Analysis