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Hikari Business Form Co., Ltd.
(3948)
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Rating:63Neutral
Price Target:
¥1,230.00
▲(8.08% Upside)
Action:Reiterated
Date:08/17/26
The score is held back primarily by weakening operating performance and cash flow (compressed margins, declining revenue, and lower free cash flow), despite a strong low-debt balance sheet that limits financial risk. Technicals are modestly positive, and valuation is supported by a reasonable P/E and a relatively high dividend yield.
Positive Factors
Very Low Leverage
Minimal debt reduces interest and refinancing risk, preserving financial flexibility during weaker earnings periods. The sizeable equity base also provides downside protection and capacity to fund operations or selective business investment.
Negative Factors
Multi-Year Revenue Decline
A sustained revenue contraction signals weakening demand, customer volume, or competitive positioning in the company’s core business-form market. Continued decline would reduce scale benefits and make fixed costs harder to absorb.
Read all positive and negative factors
Positive Factors
Negative Factors
Very Low Leverage
Minimal debt reduces interest and refinancing risk, preserving financial flexibility during weaker earnings periods. The sizeable equity base also provides downside protection and capacity to fund operations or selective business investment.
Read all positive factors
Hikari Business Form Co., Ltd. (3948) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥6.69B
Dividend Yield4.28%
Average Volume (3M)3.62K
Price to Earnings (P/E)17.2
Beta (1Y)0.42
Revenue Growth1.99%
EPS Growth114.51%
CountryJP
Employees391
SectorIndustrials
Sector Strength72
IndustrySpecialty Business Services
Share Statistics
EPS (TTM)25.74
Shares Outstanding5,815,294
10 Day Avg. Volume6,940
30 Day Avg. Volume3,616
Financial Highlights & Ratios
PEG Ratio-11.59
Price to Book (P/B)0.74
Price to Sales (P/S)0.90
P/FCF Ratio118.76
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
Hikari Business Form Co., Ltd. Business Overview & Revenue Model
Company Description
Hikari Business Form Co., Ltd., headquartered in Hachioji, Japan, has been delivering a diverse range of printing and document management solutions since its inception in 1968. The company's offerings encompass data printing, direct mail services,...
How the Company Makes Money
The company primarily makes money by selling business forms and other printed materials to business customers, generating revenue from orders for the design/planning, printing/manufacturing, and delivery of these products. Revenue is typically ear...
Hikari Business Form Co., Ltd. Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
82
Very Positive
Cash Flow
45
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 7.74B | 7.92B | 9.88B | 11.99B | 9.57B |
| Gross Profit | 1.64B | 1.61B | 2.71B | 3.43B | 2.51B |
| EBITDA | 396.89M | 541.29M | 1.51B | 2.26B | 1.51B |
| Net Income | 151.74M | 161.25M | 748.02M | 1.27B | 819.21M |
Balance Sheet | |||||
| Total Assets | 11.56B | 11.22B | 11.46B | 11.98B | 10.89B |
| Cash, Cash Equivalents and Short-Term Investments | 3.31B | 3.81B | 4.01B | 4.13B | 3.18B |
| Total Debt | 319.27M | 186.84M | 198.14M | 334.98M | 529.15M |
| Total Liabilities | 2.18B | 1.88B | 2.03B | 3.07B | 2.98B |
| Stockholders Equity | 9.37B | 9.34B | 9.43B | 8.92B | 7.91B |
Cash Flow | |||||
| Free Cash Flow | 58.47M | 124.57M | 386.88M | 1.51B | 1.07B |
| Operating Cash Flow | 257.64M | 224.51M | 471.31M | 1.59B | 1.10B |
| Investing Cash Flow | -239.84M | 32.73M | 2.04M | -252.46M | 250.46M |
| Financing Cash Flow | -520.30M | -430.77M | -574.55M | -403.67M | -371.08M |
Hikari Business Form Co., Ltd. Technical Analysis
Positive
1138.00
Price Trends
1130.46
Positive
1133.95
Positive
1178.63
Negative
Market Momentum
8.73
Negative
65.44
Neutral
20.68
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:3948, the sentiment is Positive. The current price of 1138 is below the 20-day moving average (MA) of 1149.05, above the 50-day MA of 1130.46, and below the 200-day MA of 1178.63, indicating a neutral trend. The MACD of 8.73 indicates Negative momentum. The RSI at 65.44 is Neutral, neither overbought nor oversold. The STOCH value of 20.68 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:3948.
Hikari Business Form Co., Ltd. Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | ¥45.02B | 11.17 | ― | 3.71% | -1.79% | 10.53% | |
66 Neutral | ¥3.70B | 9.22 | ― | 1.70% | 1.54% | 0.12% | |
65 Neutral | ¥3.88B | 7.96 | ― | 3.69% | -3.57% | -2.36% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | ¥6.69B | 17.25 | ― | 4.39% | 1.99% | 114.51% | |
55 Neutral | ¥5.88B | 32.42 | ― | 2.72% | -3.93% | 11.47% | |
53 Neutral | ¥3.18B | 15.72 | ― | 3.30% | -2.64% | -18.75% |
* Industrials Sector Average
JP:3948
Hikari Business Form Co., Ltd.
1,168.00
-40.50
-3.35%
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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.