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Mullion Co., Ltd.
(3494)
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Rating:69Neutral
Price Target:
¥458.00
▲(21.49% Upside)
Action:Downgraded
Date:09/30/26
The score is driven primarily by improving financial performance (strong FY2025 growth and margins) but tempered by balance-sheet leverage and uneven cash-flow conversion. Valuation is a key positive due to the very low P/E and a modest dividend. Technicals are a secondary drag, with weak short-term trend signals and low RSI indicating subdued momentum.
Positive Factors
Strong revenue growth and profitability
The combination of strong recent revenue growth and healthy operating and net margins indicates improved demand and earnings power. If maintained, this performance can strengthen internal funding capacity, support reinvestment, and improve the company’s competitive position over the next several quarters.
Negative Factors
Meaningful financial leverage
Elevated leverage remains a durable risk because debt obligations can limit financial flexibility and reduce the room available for investment or downturn resilience. A highly geared balance sheet may also make future performance more sensitive to operating volatility, despite improvement from FY2023.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue growth and profitability
The combination of strong recent revenue growth and healthy operating and net margins indicates improved demand and earnings power. If maintained, this performance can strengthen internal funding capacity, support reinvestment, and improve the company’s competitive position over the next several quarters.
Read all positive factors
Mullion Co., Ltd. (3494) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥3.33B
Dividend Yield1.44%
Average Volume (3M)7.97K
Price to Earnings (P/E)4.5
Beta (1Y)0.88
Revenue Growth58.41%
EPS Growth155.52%
CountryJP
Employees20
SectorReal Estate
Sector Strength53
IndustryReal Estate - Services
Share Statistics
EPS (TTM)92.59
Shares Outstanding8,011,000
10 Day Avg. Volume7,850
30 Day Avg. Volume7,973
Financial Highlights & Ratios
PEG Ratio0.22
Price to Book (P/B)0.74
Price to Sales (P/S)1.08
P/FCF Ratio3.86
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
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
Income Statement
76
Positive
Balance Sheet
58
Neutral
Cash Flow
62
Positive
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.27B | 3.25B | 2.88B | 2.81B | 2.16B | 1.84B |
| Gross Profit | 1.60B | 1.14B | 1.19B | 906.09M | 819.57M | 841.17M |
| EBITDA | 1.45B | 1.02B | 933.00M | 485.57M | 383.03M | 509.00M |
| Net Income | 725.69M | 459.54M | 342.26M | 142.49M | 60.40M | 87.55M |
Balance Sheet | ||||||
| Total Assets | 19.29B | 18.80B | 18.82B | 18.74B | 15.38B | 16.03B |
| Cash, Cash Equivalents and Short-Term Investments | 2.05B | 1.85B | 1.48B | 1.47B | 849.13M | 690.09M |
| Total Debt | 8.75B | 8.34B | 8.74B | 9.54B | 6.62B | 7.48B |
| Total Liabilities | 14.24B | 14.03B | 14.49B | 14.74B | 11.50B | 12.17B |
| Stockholders Equity | 5.05B | 4.77B | 4.33B | 4.00B | 3.88B | 3.85B |
Cash Flow | ||||||
| Free Cash Flow | 910.63M | 910.63M | 472.01M | -2.60B | 940.15M | -710.28M |
| Operating Cash Flow | 1.58B | 1.58B | 1.74B | 1.35B | 969.51M | 146.85M |
| Investing Cash Flow | -795.02M | -795.02M | -1.26B | -3.88B | -54.17M | -859.61M |
| Financing Cash Flow | -461.71M | -461.71M | -468.77M | 3.17B | -776.29M | 37.73M |
Mullion Co., Ltd. Technical Analysis
Negative
377.00
Price Trends
437.13
Negative
391.39
Positive
376.85
Positive
Market Momentum
0.32
Positive
35.23
Neutral
26.73
Neutral
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 377 is below the 20-day moving average (MA) of 442.15, below the 50-day MA of 437.13, and above the 200-day MA of 376.85, indicating a neutral trend. The MACD of 0.32 indicates Positive momentum. The RSI at 35.23 is Neutral, neither overbought nor oversold. The STOCH value of 26.73 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
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | ¥11.81B | 13.47 | ― | 4.61% | 6.17% | 12.62% | |
75 Outperform | ¥37.07B | 16.70 | ― | 2.78% | 0.43% | -2.62% | |
69 Neutral | ¥3.33B | 4.48 | ― | 1.44% | 58.41% | 155.52% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
60 Neutral | ¥58.37B | 8.50 | ― | 4.52% | 36.85% | 83.36% | |
59 Neutral | ¥9.37B | 8.70 | ― | 3.23% | 9.41% | -6.14% | |
49 Neutral | ¥23.37B | 36.69 | ― | ― | -3.07% | 5.74% |
* Real Estate Sector Average
JP:3494
Mullion Co., Ltd.
418.00
-5.50
-1.30%
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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.