M-mart, Inc. (4380) AI Stock Analysis

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M-mart, Inc.

(TSE/TYO:4380)

Select Model

Rating:82Outperform

Price Target:JPY 835.00▲(27.68% Upside)

Action:reiterated

Date:08/25/26

The score is driven primarily by strong financial performance (rapidly improving margins, high ROE, and a debt-free balance sheet with good cash conversion). Technicals support the trend (price above key moving averages and positive MACD), but the stock looks overbought (high RSI/Stoch), which tempers the near-term outlook. Valuation is reasonable (mid-teens P/E with a modest yield) but not a clear bargain.

Positive Factors

Expanding ProfitabilitySustained margin expansion indicates stronger operating leverage and improved economics. If the business can preserve these gains, higher profitability should support internal investment, cash generation, and resilience against cost pressure.

Negative Factors

Uncertain Growth SustainabilityThe latest growth acceleration may set a difficult comparison base and could moderate if it reflects temporary scale, timing, or demand effects. Slower growth would make continued margin expansion more important to earnings momentum.

M-mart, Inc. (4380) vs. iShares MSCI Japan ETF (EWJ)

Market Cap: JPY 6.26B
Dividend Yield: 1.89%
Average Volume (3M): 6,179
Price to Earnings (P/E): 13.1
Beta (1Y): 0.33
Revenue Growth: 7.25%
EPS Growth: 20.99%
Country: Japan
Employees: 53
Sector: Consumer Defensive
Sector Strength: 62
Industry: Grocery Stores

M-mart, Inc. Business Overview & Revenue Model

Company Description

Operating in Japan, M-Mart Inc. manages a digital marketplace. Through this online venue, it executes automated wholesale transactions for various products, primarily targeting businesses within the food and beverage, hospitality, and prepared food s...

M-mart, Inc. Financial Statement Overview

Summary

Strong overall fundamentals: rapid multi-year revenue growth with materially expanding profitability (gross margin rising to ~46% and net margin to ~31% by 2026). Balance sheet is very conservative with no debt and consistently strong ROE (high-teens to ~21%). Cash conversion is solid (free cash flow closely tracks net income), though operating cash flow vs. revenue suggests some working-capital/timing variability and 2026 growth looks unusually strong versus prior years.

Income Statement

90Very Positive

Balance Sheet

92Very Positive

Cash Flow

84Very Positive

Financial statement breakdown
Breakdown	TTM	Jan 2026	Jan 2025	Jan 2024	Jan 2023	Jan 2022
Income Statement
Total Revenue	1.44B	1.36B	1.29B	1.17B	986.05M	902.94M
Gross Profit	698.83M	632.50M	521.64M	483.91M	349.94M	270.10M
EBITDA	706.81M	638.05M	525.30M	486.76M	352.54M	272.71M
Net Income	479.58M	423.11M	345.94M	324.89M	235.02M	182.56M
Balance Sheet
Total Assets	3.35B	3.10B	2.66B	2.31B	1.90B	1.62B
Cash, Cash Equivalents and Short-Term Investments	2.72B	2.57B	2.22B	1.96B	1.60B	1.37B
Total Debt	0	0	0	0	0	0
Total Liabilities	1.08B	963.27M	847.46M	751.99M	606.87M	510.16M
Stockholders Equity	2.26B	2.13B	1.81B	1.56B	1.29B	1.11B
Cash Flow
Free Cash Flow	504.00M	448.10M	353.71M	422.38M	277.81M	232.22M
Operating Cash Flow	504.00M	455.45M	354.58M	426.27M	285.34M	232.63M
Investing Cash Flow	-30.00M	-37.36M	-30.86M	-33.40M	-38.03M	-29.91M
Financing Cash Flow	-122.00M	-102.87M	-88.01M	-63.69M	-48.81M	-48.79M

M-mart, Inc. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (62)

Financial Indicators

JP:4380 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
JP:4380	82Outperform	JPY 6.46B	13.05	―	1.89%	7.25%	20.99%
JP:8198	71Outperform	JPY 98.17B	12.66	―	2.67%	0.90%	-28.84%
JP:8167	65Neutral	JPY 60.68B	13.27	―	2.77%	3.50%	-18.66%
JP:9974	65Neutral	JPY 136.26B	12.51	―	1.88%	4.94%	-9.98%
JP:2742	63Neutral	JPY 78.56B	9.08	―	1.84%	6.48%	0.54%
JP:8194	63Neutral	JPY 219.15B	21.39	―	2.51%	2.59%	0.10%
Sector *	62Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%

* Consumer Defensive Sector Average

Performance Comparison

JP:4380 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
JP:4380	M-mart, Inc.	654.00	45.49	7.48%
JP:2742	Halows Co., Ltd.	3910.00	-506.53	-11.47%
JP:8167	RETAIL PARTNERS CO., LTD.	1446.00	171.57	13.46%
JP:8194	Life Corporation	2709.00	329.59	13.85%
JP:8198	Maxvalu Tokai Co., Ltd.	3185.00	-207.07	-6.10%
JP:9974	BELC Co., Ltd.	6820.00	-324.31	-4.54%

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: Aug 25, 2026

M-mart, Inc. AI Stock Analysis