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Milbon Co
(4919)
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Rating:78Outperform
Price Target:
¥3,602.00
▲(44.20% Upside)
Action:Upgraded
Date:08/19/26
The score is driven primarily by strong underlying financial stability (notably the debt-free balance sheet) and constructive technical momentum. Offsetting factors include the recent decline in earnings/margins and weaker cash flow conversion, while valuation is reasonable but not compelling.
Positive Factors
Debt-Free Balance Sheet
A debt-free balance sheet reduces financial risk, interest burdens, and refinancing exposure. Growing equity of about ¥36.3B in 2020 to ¥49.1B in 2025 also provides flexibility to sustain investment and absorb business volatility.
Negative Factors
Profitability Compression
The sustained decline in net margin and the latest net-income contraction show that revenue growth is not translating into equivalent earnings growth. If persistent, this could constrain reinvestment capacity and reduce the benefit of Milbon’s strong gross margins.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-Free Balance Sheet
A debt-free balance sheet reduces financial risk, interest burdens, and refinancing exposure. Growing equity of about ¥36.3B in 2020 to ¥49.1B in 2025 also provides flexibility to sustain investment and absorb business volatility.
Read all positive factors
Milbon Co (4919) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥104.13B
Dividend Yield2.7%
Average Volume (3M)151.73K
Price to Earnings (P/E)19.2
Beta (1Y)0.33
Revenue Growth6.47%
EPS Growth75.47%
CountryJP
Employees1,237
SectorConsumer Defensive
Sector Strength42
IndustryHousehold & Personal Products
Share Statistics
EPS (TTM)169.39
Shares Outstanding32,305,534
10 Day Avg. Volume148,740
30 Day Avg. Volume151,733
Financial Highlights & Ratios
PEG Ratio-0.74
Price to Book (P/B)1.61
Price to Sales (P/S)1.49
P/FCF Ratio32.35
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
¥3,600.00Price Target Upside44.12% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)144.31
Revenue Forecast (FY)¥55.84B
Milbon Co Business Overview & Revenue Model
Company Description
Milbon Co., Ltd. is a Japanese firm dedicated to the creation, production, and distribution of professional-grade hair care products, primarily targeting the salon industry. Their comprehensive product line for stylists includes a variety of items...
How the Company Makes Money
Milbon primarily makes money by selling professional-use hair cosmetics to hair salons through a salon-focused distribution model. Its core revenue stream is product sales of salon-exclusive items such as shampoos, treatments, styling products, an...
Milbon Co Earnings Call Summary
Earnings Call Date:Aug 09, 2024
(Q2-2024)
| % Change Since: |
Next Earnings Date:Nov 13, 2026
Earnings Call Sentiment Positive
The earnings call reflected a positive sentiment overall, with notable achievements in revenue growth, product launches, and strategic initiatives. While challenges remain in China and some product categories, the company's strong performance in other regions and sectors offsets these issues.Positive Updates
Record-Breaking Revenue and Growth
Milbon recorded JPY 24.526 billion in consolidated net sales, a year-on-year increase of 8.0%, surpassing the forecast by 2.3%.
Negative Updates
Challenges in China
Faced headwinds in China with a decline in salon visit frequency and hair coloring product sales.
Read all updates
Q2-2024 Updates
Positive
Negative
Record-Breaking Revenue and Growth
Milbon recorded JPY 24.526 billion in consolidated net sales, a year-on-year increase of 8.0%, surpassing the forecast by 2.3%.
Read all positive updates
Company Guidance
In the second quarter of fiscal year 2024, Milbon reported a robust financial performance, with consolidated net sales reaching JPY 24.526 billion, marking an 8.0% year-on-year increase and surpassing the forecast by 2.3%. Domestic operations contributed approximately 75% of net sales, or JPY 18.367 billion, with a growth of 6.9% year-on-year, driven primarily by a 9% increase in hair care product sales. Overseas sales, accounting for 25% of the total, grew by 11.4%, influenced by a weaker yen, while actual growth, excluding currency effects, was 2.8%. Notably, South Korea and the U.S. markets offset challenges in China, where net sales saw a contraction. Operating income also exceeded expectations, supported by improved gross profit margins and controlled SG&A expenses. The company's strategic focus on high-end hair care products and the expansion of their Smart Salon initiative contributed significantly to these positive results, while efforts to manage rising raw material costs and logistics are ongoing. Milbon remains on track to meet its full-year targets and maintains its dividend commitment for fiscal 2024.Milbon Co Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
92
Very Positive
Cash Flow
61
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 54.93B | 52.86B | 51.32B | 47.76B | 45.24B | 41.58B |
| Gross Profit | 34.81B | 33.18B | 32.60B | 29.53B | 29.51B | 27.50B |
| EBITDA | 9.45B | 7.75B | 9.11B | 7.80B | 9.63B | 9.60B |
| Net Income | 5.44B | 3.44B | 5.02B | 4.00B | 5.58B | 5.11B |
Balance Sheet | ||||||
| Total Assets | 59.75B | 57.80B | 58.90B | 53.39B | 52.76B | 48.24B |
| Cash, Cash Equivalents and Short-Term Investments | 12.33B | 11.82B | 13.83B | 11.34B | 12.30B | 13.55B |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 9.59B | 8.74B | 10.08B | 7.46B | 8.77B | 8.04B |
| Stockholders Equity | 50.16B | 49.06B | 48.82B | 45.93B | 43.99B | 40.20B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 2.44B | 5.43B | 2.17B | 1.95B | 2.81B |
| Operating Cash Flow | 0.00 | 5.38B | 7.63B | 4.77B | 5.01B | 6.64B |
| Investing Cash Flow | 0.00 | -3.01B | -2.53B | -3.11B | -3.87B | -4.00B |
| Financing Cash Flow | 0.00 | -4.87B | -2.86B | -2.80B | -2.58B | -1.92B |
Milbon Co Technical Analysis
Positive
2498.00
Price Trends
2872.95
Positive
2738.28
Positive
2622.76
Positive
Market Momentum
129.85
Negative
69.20
Neutral
71.32
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:4919, the sentiment is Positive. The current price of 2498 is below the 20-day moving average (MA) of 3068.10, below the 50-day MA of 2872.95, and below the 200-day MA of 2622.76, indicating a bullish trend. The MACD of 129.85 indicates Negative momentum. The RSI at 69.20 is Neutral, neither overbought nor oversold. The STOCH value of 71.32 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:4919.
Milbon Co Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | ¥104.13B | 19.25 | 8.32% | 3.53% | 6.47% | 75.47% | |
77 Outperform | ¥3.25T | 24.32 | 12.16% | 2.36% | 6.19% | 21.69% | |
77 Outperform | ¥167.71B | 20.93 | ― | 5.00% | 1.03% | 5.17% | |
68 Neutral | ¥338.31B | 24.20 | 3.71% | 2.42% | 3.22% | 358.24% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
53 Neutral | ¥1.50T | -72.02 | ― | 1.64% | 4.96% | -1485.59% |
* Consumer Defensive Sector Average
JP:4919
Milbon Co
3,260.00
845.34
35.01%
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Milbon Co Corporate Events
Milbon Launches ¥1.8 Billion Share Buyback to Boost Shareholder Returns
Aug 10, 2026
Milbon’s board has approved a share buyback aimed at enhancing shareholder returns and improving capital efficiency, reflecting consideration of the current business environment and the company’s financial position. The company plans t...
Milbon Lifts 2026 Earnings Outlook on Strong Overseas Hair Care Sales
Aug 10, 2026
Milbon has raised its consolidated earnings forecast for the fiscal year ending December 31, 2026, citing stronger-than-expected overseas sales, particularly in hair care products. The company now expects net sales of ¥55.6 billion, operating...
Milbon Raises FY2026 Outlook on Strong Overseas Growth and Margin Gains
Aug 10, 2026
Milbon reported robust first-half results for FY2026, with net sales up 8.3% year-on-year and operating income surging 72.7%, as strong hair care sales offset a delayed launch of the new PRETOWA hair coloring product. Overseas revenue rose 24.7% i...
Milbon Delivers Strong First-Half Rebound and Raises Full-Year Earnings Outlook
Aug 10, 2026
Milbon reported a robust rebound in its first-half results for 2026, with net sales rising 8.3% year on year to ¥26.88 billion and operating income surging 72.7%, while profit attributable to owners of parent jumped more than fourfold. The co...
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.