Noevir Holdings Co., Ltd. (4928) AI Stock Analysis

Noevir Holdings Co., Ltd.

(TSE/TYO:4928)

Select Model

Rating:73Outperform

Price Target:JPY 5,157.00▲(13.72% Upside)

Action:reiterated

Date:08/06/26

Noevir's strong balance sheet and profitability provide a solid foundation, though recent cash flow decline and short-term technical weakness temper enthusiasm. The attractive dividend yield and reasonable valuation support a moderate overall score of 73.

Positive Factors

Strong Balance SheetExtremely low leverage and a healthy equity ratio materially reduce financial risk and increase strategic optionality. This durable strength supports continued dividends, opportunistic M&A or investment in product development without stressing liquidity over the next 2–6 months.

Negative Factors

Weak Free Cash Flow GrowthNegative recent free cash flow growth constrains the company's ability to fund reinvestment, marketing, or product launches from internal resources. Over several months this can limit expansion pace or force reliance on retained earnings despite strong accounting profits.

Noevir Holdings Co., Ltd. (4928) vs. iShares MSCI Japan ETF (EWJ)

Market Cap: JPY 155.92B
Dividend Yield: 5.04%
Average Volume (3M): 90.17K
Price to Earnings (P/E): 19.5
Beta (1Y): 0.29
Revenue Growth: 1.03%
EPS Growth: 5.17%
Country: Japan
Employees: 1,354
Sector: General
Sector Strength: 55
Industry: Household & Personal Products

Noevir Holdings Co., Ltd. Business Overview & Revenue Model

Company Description

Noevir Holdings Co., Ltd. is a diversified Japanese conglomerate involved in the creation, production, and distribution of cosmetics, pharmaceuticals, and health food items. Its operations span a wide international footprint, including key markets su...

How the Company Makes Money

Noevir Holdings makes money primarily by selling cosmetics and personal care products. Its revenue model is centered on (1) direct-to-consumer style sales via a structured sales network (e.g., beauty advisers/consultants and affiliated salons/agents)...

Noevir Holdings Co., Ltd. Financial Statement Overview

Summary

Noevir maintains solid profitability (Income Statement score 75) and an exceptionally strong balance sheet (score 95) with minimal debt. Cash flow generation weakened recently (score 60), but overall financial health remains robust, supported by high margins and improving ROE.

Income Statement

75Positive

Balance Sheet

95Very Positive

Cash Flow

60Neutral

Financial statement breakdown
Breakdown	TTM	Sep 2025	Sep 2024	Sep 2023	Sep 2022	Sep 2021
Income Statement
Total Revenue	63.52B	64.72B	63.82B	62.55B	61.14B	51.27B
Gross Profit	42.59B	43.28B	43.16B	42.56B	42.09B	33.03B
EBITDA	12.11B	11.94B	12.44B	12.24B	11.57B	10.05B
Net Income	8.00B	8.03B	7.97B	7.67B	7.59B	6.38B
Balance Sheet
Total Assets	73.50B	76.49B	76.47B	77.25B	76.78B	80.45B
Cash, Cash Equivalents and Short-Term Investments	24.18B	26.93B	29.22B	28.88B	29.75B	31.10B
Total Debt	684.00M	742.00M	828.00M	914.00M	1.00B	1.11B
Total Liabilities	21.99B	22.28B	22.56B	24.04B	24.39B	28.21B
Stockholders Equity	51.02B	53.77B	53.48B	52.79B	52.06B	51.93B
Cash Flow
Free Cash Flow	1.52B	5.66B	8.50B	6.89B	5.30B	8.69B
Operating Cash Flow	2.12B	7.93B	9.12B	7.62B	5.84B	9.06B
Investing Cash Flow	9.45B	-2.42B	1.52B	-3.54B	-255.00M	-416.00M
Financing Cash Flow	-177.00M	-7.92B	-7.71B	-7.49B	-7.38B	-7.18B

Noevir Holdings Co., Ltd. Technical Analysis

Technical Analysis SentimentNeutral

Last Price4535.00

Price Trends

50DMA4589.41Negative

100DMA4454.17Positive

200DMA4381.93Positive

Market Momentum

MACD13.24Positive

RSI46.99Neutral

STOCH11.83Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:4928, the sentiment is Neutral. The current price of 4535.00 is below the 20-day moving average (MA) of 4589.00, below the 50-day MA of 4589.41, and above the 200-day MA of 4381.93, indicating a neutral trend. The MACD of 13.24 indicates Positive momentum. The RSI at 46.99 is Neutral, neither overbought nor oversold. The STOCH value of 11.83 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for JP:4928.

Noevir Holdings Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

JP:4928 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
JP:4452	77Outperform	JPY 3.39T	25.18	12.71%	2.07%	6.19%	21.69%
JP:4927	75Outperform	JPY 314.14B	27.64	7.06%	3.66%	0.95%	76.82%
JP:4928	73Outperform	JPY 155.92B	19.50	―	5.04%	1.03%	5.17%
JP:4922	68Neutral	JPY 343.10B	25.00	4.90%	2.33%	3.22%	358.24%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
JP:4911	46Neutral	JPY 1.53T	-74.47	―	1.31%	4.96%	-1485.59%

* General Sector Average

Performance Comparison

JP:4928 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
JP:4928	Noevir Holdings Co., Ltd.	4535.00	313.18	7.42%
JP:4452	Kao Corp	3766.00	578.59	18.15%
JP:4922	Kose Corporation	5999.00	105.92	1.80%
JP:4927	Pola Orbis Holdings	1414.50	121.26	9.38%
JP:4911	Shiseido Company,Limited	3814.00	1246.54	48.55%

Noevir Holdings Co., Ltd. Corporate Events

Noevir Holds Dividend and Full-Year Outlook Despite Weaker Nine-Month Results

Aug 3, 2026

Noevir Holdings reported a 2.6% year-on-year decline in net sales to ¥46.08 billion for the first nine months of the fiscal year ending September 30, 2026, with operating income down 13.9% and ordinary income down 13.4%. Net income attributable...

Noevir Holds Earnings Outlook and Dividend Despite Weaker First-Half Results

May 13, 2026

Noevir Holdings Co., Ltd. is a Japan-based company listed on the Tokyo Stock Exchange Prime Market, operating mainly in the cosmetics and related consumer goods sector. The group focuses on developing and marketing beauty and personal care products,...

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 06, 2026

Noevir Holdings Co., Ltd. AI Stock Analysis