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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:51Neutral
Price Target:JPY 1,003.00â–¼(-8.40% Downside)
Action:reiterated
Date:09/29/26

The score is held back primarily by weak profitability and persistent cash burn (negative operating and free cash flow), despite a strong, low-leverage balance sheet. Technical momentum is supportive and improves the outlook near-term, but valuation remains difficult to justify with negative earnings and no dividend data provided.

Positive Factors
Conservative Balance SheetVery low leverage and a sizable equity base provide financial resilience through difficult operating periods. Stable assets also preserve flexibility to support the business, reduce refinancing exposure, and give management more time to improve profitability without heavy debt-service pressure.
Negative Factors
Sharp Revenue ContractionThe sharp latest-year revenue contraction signals weakening demand, distribution performance, or product competitiveness and reduces the scale available to cover fixed costs. Unless sales stabilize, the decline can keep operating leverage unfavorable and make a durable return to profitability more difficult.

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

-30%-20%-10%0%10%20%30%JP:3529-2.93%EWJ+15.75%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
Market Cap
JPY 17.31B
Dividend Yield
―
Average Volume (3M)
45.51K
Price to Earnings (P/E)
-14.5
Beta (1Y)
0.63
Revenue Growth
-0.62%
EPS Growth
-33.86%
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...

How the Company Makes Money

Atsugi makes money mainly by selling legwear and related apparel products. Revenue is generated through (1) sales of hosiery products (e.g., stockings/pantyhose and socks), which are typically marketed under the company’s brands and sold to consumers...

Atsugi Co., Ltd. Financial Statement Overview

Summary

Financial performance is weak overall. The income statement shows deteriorating results with a sharp latest-year revenue decline and recurring losses, while cash flow is a major risk with consistently negative free cash flow and mostly negative operating cash flow. This is partially offset by a conservatively financed balance sheet with low leverage and stable assets.

Income Statement

32Negative

Balance Sheet

74Positive

Cash Flow

27Negative
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 SentimentPositive
Last Price1095.00

Price Trends

50DMA1037.22Positive
100DMA1034.11Positive
200DMA1045.42Positive

Market Momentum

MACD14.12Negative
RSI60.95Neutral
STOCH71.76Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:3529, the sentiment is Positive. The current price of 1095.00 is above the 20-day moving average (MA) of 1041.55, above the 50-day MA of 1037.22, and above the 200-day MA of 1045.42, indicating a bullish trend. The MACD of 14.12 indicates Negative momentum. The RSI at 60.95 is Neutral, neither overbought nor oversold. The STOCH value of 71.76 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 170.88B13.459.85%2.30%16.78%5.60%
JP:3104JP:310470OutperformJPY 96.47B16.79―2.57%14.36%22.61%
JP:3608JP:360867NeutralJPY 69.91B19.293.79%3.34%28.66%-75.08%
Sector *61Neutral$18.38B12.79-2.54%3.03%1.52%-15.83%
JP:3002JP:300259NeutralJPY 129.21B25.154.97%3.37%-3.94%113.82%
JP:3591JP:359152NeutralJPY 192.73B163.870.49%2.76%1.78%-93.82%
JP:3529JP:352951NeutralJPY 17.42B-14.46――-0.62%-33.86%

* Consumer Cyclical Sector Average

Performance Comparison

-25%0%25%50%75%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.1095.00-39.00-3.44%
JP:3002Gunze 4370.00641.3917.20%
JP:3569Seiren Co 3515.00546.4318.41%
JP:3608TSI Holdings Co 1197.00262.5028.09%
JP:3591WACOAL HOLDINGS CORP3629.00-1346.30-27.06%
JP:3104Fujibo Holdings, Inc.2993.00707.9530.98%

Atsugi Co., Ltd. Corporate Events

Atsugi Posts Wider Quarterly Loss, Withholds Earnings Forecast Amid Business Overhaul

Aug 7, 2026

Atsugi Corporation reported consolidated net sales of ¥4,399 million for the three months ended June 30, 2026, a 2.1% increase year on year but remained in the red, with an operating loss of ¥607 million and a net loss attributable to owners of the p...

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: Sep 29, 2026