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Atsugi Co., Ltd. (3529) AI Stock Analysis

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JP:3529

Atsugi Co., Ltd.

(TSE/TYO:3529)

Select Model
Rating:41Neutral
Price Target:JPY 955.00â–¼(-2.65% Downside)
Action:reiterated
Date:11/13/26

The low overall score is driven by severe profitability challenges, negative cash flow, and bearish technical trends. While the exceptionally strong, debt-free balance sheet prevents immediate financial distress, the lack of positive earnings, negative P/E ratio, and poor price momentum represent significant risks.

Positive Factors
Low LeverageVery low leverage and a sizable equity base provide financial resilience while reducing dependence on borrowing. This gives Atsugi more flexibility to manage weak periods, protect core operations, and pursue business improvements without the same debt burden faced by highly leveraged apparel companies.
Negative Factors
Persistent Cash BurnPersistent negative operating and free cash flow shows that the business is not consistently funding itself through operations. Continued cash burn can reduce financial flexibility over the next several quarters, constrain investment capacity, and make a turnaround more dependent on balance-sheet resources.

Atsugi Co., Ltd. (3529) vs. iShares MSCI Japan ETF (EWJ)

-30%-20%-10%0%10%20%30%JP:3529-13.95%EWJ+16.06%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
Market Cap
JPY 15.71B
Dividend Yield
―
Average Volume (3M)
48.75K
Price to Earnings (P/E)
-7.1
Beta (1Y)
0.51
Revenue Growth
-1.28%
EPS Growth
-114.44%
Country
Japan
Employees
1,207
Sector
Consumer Cyclical
Sector Strength
61
Industry
Apparel - Manufacturers

Atsugi Co., Ltd. Business Overview & Revenue Model

Company Description

Founded in 1947, Atsugi Co., Ltd. is a Japanese company headquartered in Ebina, Japan. The firm focuses on the creation, manufacturing, and distribution of women's legwear, including pantyhose and stockings, as well as various lingerie products. Beyo...

Atsugi Co., Ltd. Financial Statement Overview

Summary

A fortress-like balance sheet with virtually zero debt is heavily offset by chronic operational underperformance, stagnant revenues, and persistently negative free cash flow.

Income Statement

25Negative

Balance Sheet

85Very Positive

Cash Flow

15Very Negative
Financial statement breakdown
BreakdownTTMMar 2026Mar 2025Mar 2024Mar 2023Mar 2022
Income Statement
Total Revenue21.56B21.47B21.88B21.21B20.50B21.45B
Gross Profit6.68B6.67B6.94B6.85B5.38B5.12B
EBITDA-539.00M-470.00M-280.00M4.00M-1.69B-1.81B
Net Income-1.22B-1.14B-376.00M1.33B-1.22B-1.83B
Balance Sheet
Total Assets39.48B39.90B40.85B42.01B40.69B42.23B
Cash, Cash Equivalents and Short-Term Investments3.59B3.63B5.41B3.87B4.79B6.31B
Total Debt477.00M462.00M1.06B1.07B1.38B1.85B
Total Liabilities7.84B7.89B9.18B8.57B9.75B10.09B
Stockholders Equity31.64B32.01B31.66B33.44B30.93B32.15B
Cash Flow
Free Cash Flow-606.00M-1.67B-2.39B-2.62B-2.57B-1.76B
Operating Cash Flow-336.00M-388.00M415.00M-1.34B-1.36B-748.00M
Investing Cash Flow-229.00M-1.18B719.00M456.00M760.00M-1.04B
Financing Cash Flow-431.50M-674.00M53.00M-472.00M-471.00M-616.00M

Atsugi Co., Ltd. Technical Analysis

Technical Analysis SentimentNegative
Last Price981.00

Price Trends

50DMA1034.06Negative
100DMA1036.17Negative
200DMA1043.14Negative

Market Momentum

MACD1.70Positive
RSI39.54Neutral
STOCH38.90Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:3529, the sentiment is Negative. The current price of 981.00 is below the 20-day moving average (MA) of 1039.25, below the 50-day MA of 1034.06, and below the 200-day MA of 1043.14, indicating a bearish trend. The MACD of 1.70 indicates Positive momentum. The RSI at 39.54 is Neutral, neither overbought nor oversold. The STOCH value of 38.90 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:3529.

Atsugi Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform
Sector (61)

Financial Indicators

JP:3529 against its peers
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
JP:3569JP:356975OutperformJPY 194.22B13.309.85%2.24%16.78%5.60%
JP:3104JP:310470OutperformJPY 99.38B15.93―2.62%14.36%22.61%
JP:3608JP:360867NeutralJPY 70.67B19.483.79%3.30%28.66%-75.08%
Sector *61Neutral$18.38B12.79-2.54%3.03%1.52%-15.83%
JP:3002JP:300259NeutralJPY 130.10B25.264.97%3.35%-3.94%113.82%
JP:3591JP:359158NeutralJPY 208.19B40.692.27%2.50%4.97%-52.98%
JP:3529JP:352941NeutralJPY 15.72B-7.11――-1.28%-114.44%

* Consumer Cyclical Sector Average

Performance Comparison

0%50%JP:3529JP:3002JP:3569JP:3608JP:3591JP:3104Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
JP:3529 and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
JP:3529Atsugi Co., Ltd.981.00-155.00-13.64%
JP:3002Gunze 4390.00632.9316.85%
JP:3569Seiren Co 3620.00641.6721.54%
JP:3608TSI Holdings Co 1213.00263.0527.69%
JP:3591WACOAL HOLDINGS CORP3999.00-951.92-19.23%
JP:3104Fujibo Holdings, Inc.2940.00684.2930.34%
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 13, 2026