ADJUVANT HOLDINGS CO., LTD. (4929) AI Stock Analysis

• Market Cap: ¥6.07B
• Dividend Yield: 1.59%
• Average Volume (3M): 6.06K
• Price to Earnings (P/E): 157.9
• Beta (1Y): 0.09
• Revenue Growth: -9.99%
• EPS Growth: -35.06%
• Country: JP
• Employees: 137
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Household & Personal Products
• EPS (TTM): 0.58
• Shares Outstanding: 8,043,600
• 10 Day Avg. Volume: 9,020
• 30 Day Avg. Volume: 6,056
• PEG Ratio: -1.12
• Price to Book (P/B): 1.54
• Price to Sales (P/S): 1.57
• P/FCF Ratio: 21.25
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0

• Rating: 60 Neutral
• Price Target: ¥807.00 ▲(7.46% Upside)

The overall stock score is primarily influenced by the strong financial position, with a solid balance sheet and efficient cost management. However, the high P/E ratio raises concerns about overvaluation, and the lack of strong technical momentum suggests limited immediate upside. Addressing revenue growth challenges will be crucial for future performance.

ADJUVANT HOLDINGS CO., LTD. Business Overview & Revenue Model

Company Description

Adjuvant Holdings Co.,Ltd. engages in the research, development, production, and sale of cosmetics in Japan. The company offers skin care products, including cleansing products, face washes, lotions, beauty essences, masks, moisturizing creams, makeup bases, makeups, and body care products; hair care products comprising shampoos, treatments, scalp cleansing products, scalp lotions, and styling products; and other products. It serves hairdressing salons, barber shops, and esthetic salons. The company was formerly known as Adjuvant Cosme Japan Co.,Ltd. and changed its name to Adjuvant Holdings Co.,Ltd. in September 2021. Adjuvant Holdings Co.,Ltd. was founded in 1990 and is headquartered in Kobe, Japan.

How the Company Makes Money

ADJUVANT HOLDINGS CO., LTD. generates revenue primarily through the sale of its cosmetics and skincare products. The company employs a multi-channel sales strategy, distributing its products through direct sales, retail outlets, and online platforms. It also leverages partnerships with beauty salons and spas to expand its market reach and brand presence. The company's revenue streams are bolstered by its commitment to research and development, ensuring a steady pipeline of new and improved products that meet consumer demands for quality and effectiveness.

ADJUVANT HOLDINGS CO., LTD. Financial Statement Overview

Summary

The company exhibits a strong balance sheet with minimal leverage and a solid equity position. Profitability has improved, but revenue trends are concerning, and cash flow growth has been inconsistent. Efficient cost management and strong liquidity provide stability, but revenue growth challenges need addressing.

Income Statement

The income statement shows a volatile revenue trend with a decline in recent years. The gross profit margin remains strong at approximately 64.8% for 2025, indicating efficient cost management. However, net profit margins have been inconsistent, with a significant improvement to 1% in 2025 from negative figures in prior years. EBIT and EBITDA margins have also improved, reflecting better operational efficiency, but the overall revenue decline is a concern.

Balance Sheet

The balance sheet is strong with a low debt-to-equity ratio of 0.007, indicating minimal leverage and financial risk. The equity ratio is high at 79%, showcasing a solid capital structure. Return on equity improved to 0.97% in 2025, recovering from negative returns in previous years. The company maintains a robust liquidity position with substantial cash reserves.

Cash Flow

Cash flow analysis reveals a stable operating cash flow, with a positive free cash flow in 2025. The free cash flow to net income ratio is high, suggesting efficient cash generation relative to net income. However, the free cash flow growth rate is negative compared to 2024, indicating potential challenges in sustaining cash flow growth.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	3.99B	4.10B	4.44B	4.38B	4.43B	4.89B
Gross Profit	2.63B	2.66B	2.86B	2.92B	2.94B	3.00B
EBITDA	207.90M	259.63M	124.00M	341.54M	500.79M	292.22M
Net Income	38.44M	40.73M	-99.86M	403.64M	393.18M	142.38M
Balance Sheet
Total Assets	5.21B	5.29B	5.28B	5.55B	5.66B	5.10B
Cash, Cash Equivalents and Short-Term Investments	1.88B	2.22B	2.12B	1.53B	1.74B	1.47B
Total Debt	19.53M	30.51M	30.82M	19.18M	30.08M	22.96M
Total Liabilities	1.11B	1.11B	1.06B	1.06B	1.34B	1.00B
Stockholders Equity	4.10B	4.18B	4.22B	4.49B	4.32B	4.09B
Cash Flow
Free Cash Flow	0.00	301.91M	314.89M	-422.66M	369.44M	317.90M
Operating Cash Flow	0.00	307.99M	377.61M	-321.67M	417.88M	403.11M
Investing Cash Flow	0.00	-95.61M	391.20M	344.97M	24.39M	-235.19M
Financing Cash Flow	0.00	-104.55M	-198.21M	-256.90M	-179.73M	-169.56M

ADJUVANT HOLDINGS CO., LTD. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 751.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:4929, the sentiment is Negative. The current price of 751 is below the 20-day moving average (MA) of 764.25, below the 50-day MA of 765.20, and below the 200-day MA of 780.12, indicating a bearish trend. The MACD of -3.86 indicates Positive momentum. The RSI at 40.64 is Neutral, neither overbought nor oversold. The STOCH value of 43.83 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:4929.

ADJUVANT HOLDINGS CO., LTD. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
4923	73 Outperform	¥37.11B	25.95	―	1.57%	6.10%	13.84%
4936	67 Neutral	¥10.80B	29.52	―	2.20%	10.56%	-52.16%
4925	63 Neutral	¥6.30B	9.84	―	2.40%	-3.27%	―
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
4929	60 Neutral	¥6.07B	157.92	―	1.59%	-9.99%	-35.06%
4934	52 Neutral	¥6.31B	13.37	―	―	-20.62%	―
4926	45 Neutral	¥5.12B	20.35	―	1.67%	7.21%	―