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Ad-Sol Nissin Corp.
(3837)
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Rating:79Outperform
Price Target:
¥1,490.00
▲(4.41% Upside)
Action:Reiterated
Date:08/17/26
The score is driven primarily by strong financial performance—improving margins, sustained revenue growth, and a very low-leverage balance sheet—partly offset by uneven operating cash conversion. Technicals are supportive with the stock trading above key moving averages and neutral-to-positive momentum indicators. Valuation is fair with a moderate P/E and a solid dividend yield.
Positive Factors
Sustained growth and margin expansion
The multi-year increase in revenue alongside expanding gross and net margins indicates improving scale, execution, and earnings quality. If sustained, this combination can strengthen internal funding capacity and support more durable profit growth than revenue expansion alone.
Negative Factors
Volatile operating cash conversion
Uneven conversion of reported profits into operating cash indicates that working-capital movements or timing effects can materially affect liquidity. Even with improved recent free cash flow, recurring volatility may constrain reinvestment and reduce the reliability of internally generated funding.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained growth and margin expansion
The multi-year increase in revenue alongside expanding gross and net margins indicates improving scale, execution, and earnings quality. If sustained, this combination can strengthen internal funding capacity and support more durable profit growth than revenue expansion alone.
Read all positive factors
Ad-Sol Nissin Corp. (3837) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥22.36B
Dividend Yield4%
Average Volume (3M)76.84K
Price to Earnings (P/E)14.7
Beta (1Y)0.96
Revenue Growth8.49%
EPS Growth26.09%
CountryJP
Employees645
SectorGeneral
Sector StrengthN/A
IndustryInformation Technology Services
Share Statistics
EPS (TTM)88.74
Shares Outstanding17,289,930
10 Day Avg. Volume43,600
30 Day Avg. Volume76,836
Financial Highlights & Ratios
PEG Ratio0.51
Price to Book (P/B)3.54
Price to Sales (P/S)1.43
P/FCF Ratio13.05
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)95
Revenue Forecast (FY)¥18.50B
Ad-Sol Nissin Corp. Business Overview & Revenue Model
Company Description
Ad-Sol Nissin Corporation specializes in creating information and integrated embedded systems for businesses throughout Japan. Its product portfolio includes a range of ZigBee solutions, featuring wireless communication with multi-hop capabilities...
How the Company Makes Money
Ad-Sol Nissin primarily makes money by delivering IT services to corporate and public-sector customers through (1) project-based system development and integration and (2) ongoing maintenance and operations support.
1) Project-based development /...
Ad-Sol Nissin Corp. Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
90
Very Positive
Cash Flow
78
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 17.20B | 17.15B | 15.46B | 14.08B | 12.84B | 12.25B |
| Gross Profit | 5.06B | 4.97B | 4.31B | 3.81B | 3.36B | 3.02B |
| EBITDA | 2.31B | 2.29B | 1.86B | 1.58B | 1.33B | 1.18B |
| Net Income | 1.53B | 1.51B | 1.21B | 979.15M | 841.42M | 784.94M |
Balance Sheet | ||||||
| Total Assets | 9.59B | 10.27B | 10.20B | 10.40B | 9.56B | 8.22B |
| Cash, Cash Equivalents and Short-Term Investments | 2.67B | 2.94B | 2.89B | 3.76B | 3.39B | 2.81B |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 2.79B | 3.33B | 3.13B | 3.11B | 2.89B | 2.25B |
| Stockholders Equity | 6.80B | 6.95B | 7.07B | 7.29B | 6.68B | 5.97B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 1.88B | 890.13M | 782.95M | 890.69M | 1.74B |
| Operating Cash Flow | 0.00 | 1.89B | 1.03B | 804.96M | 1.02B | 1.78B |
| Investing Cash Flow | 0.00 | -14.23M | -202.56M | -71.41M | -99.65M | -241.01M |
| Financing Cash Flow | 0.00 | -1.82B | -1.70B | -364.96M | -336.13M | -410.06M |
Ad-Sol Nissin Corp. Technical Analysis
Negative
1427.00
Price Trends
1404.42
Negative
1401.28
Negative
1479.10
Negative
Market Momentum
-21.24
Negative
38.11
Neutral
15.08
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:3837, the sentiment is Negative. The current price of 1427 is above the 20-day moving average (MA) of 1334.39, above the 50-day MA of 1404.42, and below the 200-day MA of 1479.10, indicating a bearish trend. The MACD of -21.24 indicates Negative momentum. The RSI at 38.11 is Neutral, neither overbought nor oversold. The STOCH value of 15.08 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:3837.
Ad-Sol Nissin Corp. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
85 Outperform | ¥28.84B | 13.20 | ― | 4.00% | 5.74% | -3.58% | |
79 Outperform | ¥22.36B | 14.66 | ― | 4.00% | 8.49% | 26.09% | |
78 Outperform | ¥34.02B | 10.72 | ― | 3.17% | 11.79% | 55.44% | |
75 Outperform | ¥32.33B | 9.05 | 10.39% | 5.22% | 3.46% | 6.90% | |
71 Outperform | ¥40.32B | 18.36 | 11.26% | 4.03% | 5.91% | -31.97% | |
71 Outperform | ¥27.43B | 14.58 | ― | 2.42% | 15.42% | 27.83% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
JP:3837
Ad-Sol Nissin Corp.
1,301.00
38.01
3.01%
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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.