Skip to main content
TipRanks
Go Ultimate75% OFF

Mullion Co., Ltd. (3494) AI Stock Analysis

0 Followers
JP:3494

Mullion Co., Ltd.

(TSE/TYO:3494)

Select Model
Rating:40.9Neutral
Price Target:JPY 345.00â–¼(-4.43% Downside)
Action:downgraded
Date:11/15/26

The overall score is very low, driven primarily by a severe deterioration in financial performance, including a 37% revenue drop and negative free cash flow. This is compounded by a bearish technical trend with the stock trading well below key moving averages and weak momentum. The extremely low P/E ratio is viewed as a reflection of these high risks rather than a value opportunity.

Positive Factors
Improved ProfitabilityProfitability improved materially through 2025, with stronger operating profit, net income, and margins than in earlier periods. This suggests the company can generate meaningful earnings in favorable operating conditions and provides a stronger base for reinvestment and balance-sheet support.
Negative Factors
Sharp Revenue ContractionThe sharp 2026 revenue decline exposes a volatile top-line profile and weakens confidence in the durability of recent earnings improvements. Lower revenue also reduces operating leverage, limits internal funding capacity, and may delay a sustained recovery in profitability.

Mullion Co., Ltd. (3494) vs. iShares MSCI Japan ETF (EWJ)

-20%-10%0%10%20%30%JP:3494-0.93%EWJ+16.06%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
Market Cap
JPY 2.83B
Dividend Yield
1.94%
Average Volume (3M)
7,308
Price to Earnings (P/E)
3.9
Beta (1Y)
0.71
Revenue Growth
-17.84%
EPS Growth
-27.59%
Country
Japan
Employees
20
Sector
Real Estate
Sector Strength
65
Industry
Real Estate - Services

Mullion Co., Ltd. Business Overview & Revenue Model

Company Description

Based in Tokyo, Japan, Mullion Co., Ltd. operates within the real estate industry. The company's services encompass the ownership, management, and leasing of various properties, along with their securitization. Mullion Co., Ltd. was founded in 1986.

Mullion Co., Ltd. Financial Statement Overview

Summary

Financial performance is critically weak. TTM revenue plunged 37.4% YoY, net income declined, and free cash flow turned negative (-Â¥85M). High leverage (debt-to-equity historically above 2.0) and volatile cash generation signal high financial risk, though a slight deleveraging trend provides minimal relief.

Income Statement

35Negative

Balance Sheet

45Neutral

Cash Flow

25Negative
Financial statement breakdown
BreakdownTTMSep 2026Sep 2025Sep 2024Sep 2023Sep 2022
Income Statement
Total Revenue4.27B2.67B3.25B2.88B2.81B2.16B
Gross Profit1.60B971.07M1.14B1.19B906.09M819.57M
EBITDA1.46B884.09M1.01B933.17M485.57M383.03M
Net Income725.69M332.78M459.54M342.26M142.49M60.40M
Balance Sheet
Total Assets19.29B18.90B18.80B18.82B18.74B15.38B
Cash, Cash Equivalents and Short-Term Investments2.05B1.59B1.85B1.48B1.47B849.13M
Total Debt8.75B8.36B8.34B8.74B9.54B6.62B
Total Liabilities14.24B13.85B14.03B14.49B14.74B11.50B
Stockholders Equity5.05B5.06B4.77B4.33B4.00B3.88B
Cash Flow
Free Cash Flow910.63M-84.68M910.63M472.01M-2.60B940.15M
Operating Cash Flow1.58B1.17B1.58B1.74B1.35B969.51M
Investing Cash Flow-795.02M-1.36B-795.02M-1.26B-3.88B-54.17M
Financing Cash Flow-461.71M-71.37M-461.71M-468.77M3.17B-776.29M

Mullion Co., Ltd. Technical Analysis

Technical Analysis SentimentNegative
Last Price361.00

Price Trends

50DMA413.02Negative
100DMA410.24Negative
200DMA381.20Negative

Market Momentum

MACD-10.49Negative
RSI33.04Neutral
STOCH49.64Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:3494, the sentiment is Negative. The current price of 361.00 is below the 20-day moving average (MA) of 385.65, below the 50-day MA of 413.02, and below the 200-day MA of 381.20, indicating a bearish trend. The MACD of -10.49 indicates Negative momentum. The RSI at 33.04 is Neutral, neither overbought nor oversold. The STOCH value of 49.64 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:3494.

Mullion Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform
Sector (65)

Financial Indicators

JP:3494 against its peers
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
JP:8898JP:889883OutperformJPY 11.61B12.87―4.76%4.75%15.83%
JP:3276JP:327677OutperformJPY 36.75B16.52―2.81%0.63%-4.64%
JP:3252JP:325270OutperformJPY 63.29B6.13―4.26%87.05%146.41%
Sector *65Neutral$2.17B12.193.79%4.94%3.15%1.96%
JP:5527JP:552756NeutralJPY 10.86B9.67―2.85%5.13%-18.74%
JP:5532JP:553251NeutralJPY 21.45B26.31――11.09%27.53%
JP:3494JP:349441NeutralJPY 2.88B3.90―1.94%-17.84%-27.59%

* Real Estate Sector Average

Performance Comparison

0%25%50%75%JP:3494JP:3252JP:3276JP:5527JP:5532JP:8898Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
JP:3494 and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
JP:3494Mullion Co., Ltd.361.00-3.41-0.93%
JP:3252JINUSHI Co.,Ltd.2934.00157.975.69%
JP:3276Japan Property Management Center Co.Ltd.2245.001045.0287.09%
JP:5527property technologies, Inc.876.00120.3115.92%
JP:5532REALGATE INC.3300.00555.0020.22%
JP:8898Century21 Real Estate of Japan Ltd.1114.0058.775.57%
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: Nov 15, 2026