Air Water stock analysis
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Air Water (4088) Stock Price & Analysis
4088 Stock Chart & Stats
- Day’s Range
- JPY 2,781.00 - JPY 2,831.00
- 52-Week Range
- JPY 1,718.50 - JPY 3,215.00
- Previous Close
- JPY 2,739.00
- Volume
- N/A
- Average Volume (3M)
- 736.83K
- Market Cap
- JPY 619.47B
- Enterprise Value
- JPY 951.05B
- Total Cash (Recent Filing)
- JPY 87.14B
- Total Debt (Recent Filing)
- JPY 515.67B
- Price to Earnings (P/E)
- ―
- Beta
- 0.52
- Next Earnings
- Feb 10, 2027 (Est.)
- EPS Estimate
- N/A
- Last Dividend Ex-Date
- Sep 29, 2026
- Dividend Yield
- 1.37%
Bulls Say, Bears Say
Bulls Say
Resilient Operating Profitability
Gross-margin improvement and an EBITDA margin near 12% indicate that Air Water has preserved operating profitability despite a weaker top line. This resilience can help fund operations and protect the economics of its broad industrial offering, although it does not eliminate earnings sensitivity.
Improving Cash Generation
Operating cash flow rose and free cash flow strengthened sharply in 2026, reversing the negative free cash flow seen in 2023. Better internal cash generation gives Air Water more capacity to support investment and obligations, though consistency across cycles remains a watch item.
Diversified Business Model
Air Water combines recurring industrial-gas supply with LPG and other energy distribution, engineering, equipment, and service income. This breadth across industrial and energy applications can diversify revenue sources and reduce reliance on any single operating activity over the medium term.
Bears Say
Recent Revenue Contraction
Revenue fell about 6.6% in 2026 after modest growth in 2025, showing that Air Water's broad business base has not prevented a recent contraction. If sustained, weaker sales can limit operating leverage and make margin preservation more difficult over coming quarters.
Earnings Pressure
Net income declined in 2026, while net margin remained thin at about 4%. This combination leaves less earnings buffer if costs, pricing, or business mix worsen, and makes future profit growth more dependent on restoring revenue momentum or sustaining current operating-margin performance.
Higher Leverage
Debt-to-equity rose to about 1.20 in 2026 from roughly 0.85 in 2025, reducing financial flexibility. Operating cash flow relative to debt is also low, so higher leverage could constrain investment and increase sensitivity to any further profitability deterioration.
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Company Description
Air Water
Air Water Inc., established in 1929 and headquartered in Osaka, Japan, is a diversified conglomerate operating across numerous sectors including industrial gas, chemicals, medical products, energy, agriculture, and food. Its industrial gas division produces and supplies a range of atmospheric and specialty gases, such as oxygen, nitrogen, argon, carbon dioxide, hydrogen, and helium. This segment also delivers air separation systems, gas handling equipment, argon-based shielding gases, special gases, and comprehensive engineering solutions. The chemicals sector provides quinone, organic acids, fine chemicals, and custom synthesis services. It also develops pharmaceutical and agricultural chemical intermediates, electronic materials, printed circuit boards, and various carbon-based materials. In healthcare, Air Water Inc. offers medical oxygen, nitric oxide, and liquefied helium. It manages hospital facilities and provides a wide array of medical equipment, such as endoscope systems, hyperbaric oxygen chambers, respiratory support devices, and surgical instruments. The company further extends its medical services to include supply chain management, instrument sterilization, and consumer-focused products like oxygen concentrators, infusion pumps, hygiene materials, injection needles, dental technology, and nursing care items. The energy business distributes liquefied petroleum (LP) gas, kerosene, and natural gas (LNG). It also supplies various household and commercial energy appliances, including water heaters, stoves, boilers, kitchen systems, toilets, unit baths, garages, and carports. Specialized transport equipment like LP gas-type mobile power source vehicles, LNG transport equipment, and fuel lorries are also part of its offerings. Within agriculture and food products, the company provides a wide selection of items from hams and sausages to frozen foods, sweets, fresh vegetables, and beverages (soft drinks, vegetable, and fruit). It also manufactures agricultural machinery and offers wholesale, processing, and retail services for fruits and vegetables. Additionally, Air Water Inc. provides comprehensive logistics services, encompassing high-pressure gas, general cargo, food transport, and bodywork. Its remaining portfolio features salt, environmental solutions, seaweed and adsorbent products, electricity supply, magnesia, aerosol products, electronic materials, phenolic resins, O-rings, metal surface treatment services, artificial recycled wood, SiC substrates, and various engineering services.
- Sector
- Basicmaterials
- Industry
- Chemicals - Specialty
- CEO
- Ryosuke Matsubayashi
- Employees
- 21,824
- Website
- www.awi.co.jp
- Address
- 2-12-8 Minami Semba, Osaka, OS, 542-0081, JP
Air Water (4088) Earnings & Revenues
Technical Analysis
Overall Consensus
| Indicator | Bullish | Neutral | Bearish |
|---|---|---|---|
| Overall Consensus | 6 | 5 | 11 |
| Technical Analysis | 2 | 5 | 3 |
| Moving Averages | 4 | 0 | 8 |
