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ADJUVANT HOLDINGS CO., LTD.
(4929)
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Rating:64Neutral
Price Target:
¥792.00
▲(6.74% Upside)
Action:Reiterated
Date:08/04/26
The score is primarily supported by the company’s very conservatively financed balance sheet and improving profitability versus the 2024 loss. Offsetting this, recent revenue declines and volatile operating cash flow reduce confidence in earnings durability, while a relatively high P/E and only modest dividend yield limit valuation support. Technicals are neutral-to-mildly positive in the short term but weaker on longer-term trend measures.
Positive Factors
Conservative balance sheet
Extremely low leverage and a conservatively financed balance sheet give the company durable financial flexibility. With debt-to-equity consistently under 1%, refinancing risk is minimal, supporting capex, opportunistic M&A or buffering revenues during cyclical softness over the next several months.
Negative Factors
Declining revenue trend
Recent top-line declines weaken operating leverage and reduce capacity to spread fixed costs, making margin recovery harder to sustain. Persistent revenue erosion over successive years increases execution pressure on pricing, product mix or distribution strategy to restore multi-period growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Extremely low leverage and a conservatively financed balance sheet give the company durable financial flexibility. With debt-to-equity consistently under 1%, refinancing risk is minimal, supporting capex, opportunistic M&A or buffering revenues during cyclical softness over the next several months.
Read all positive factors
ADJUVANT HOLDINGS CO., LTD. (4929) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥5.96B
Dividend Yield1.62%
Average Volume (3M)3.88K
Price to Earnings (P/E)30.8
Beta (1Y)0.08
Revenue Growth-2.17%
EPS Growth402.41%
CountryJP
Employees123
SectorConsumer Defensive
Sector Strength42
IndustryHousehold & Personal Products
Share Statistics
EPS (TTM)24.13
Shares Outstanding8,043,600
10 Day Avg. Volume5,260
30 Day Avg. Volume3,880
Financial Highlights & Ratios
PEG Ratio0.17
Price to Book (P/B)1.43
Price to Sales (P/S)1.58
P/FCF Ratio53.96
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
ADJUVANT HOLDINGS CO., LTD. Business Overview & Revenue Model
Company Description
Adjuvant Holdings Co.,Ltd. is a Japanese enterprise actively engaged in the entire process of cosmetics, from their research and development to their manufacturing and marketing within the nation. The company boasts a comprehensive catalog of prod...
How the Company Makes Money
The company makes money primarily through revenue generated by its consolidated subsidiaries. Key revenue streams typically include sales of beauty-related products (such as hair-care/cosmetics) and related services supplied through professional c...
ADJUVANT HOLDINGS CO., LTD. Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
88
Very Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.91B | 3.81B | 4.10B | 4.44B | 4.38B | 4.43B |
| Gross Profit | 2.60B | 2.56B | 2.66B | 2.86B | 2.92B | 2.94B |
| EBITDA | 351.97M | 260.38M | 241.97M | 124.00M | 341.54M | 500.79M |
| Net Income | 192.97M | 142.98M | 40.73M | -99.86M | 403.64M | 393.18M |
Balance Sheet | ||||||
| Total Assets | 5.21B | 5.15B | 5.30B | 5.28B | 5.55B | 5.66B |
| Cash, Cash Equivalents and Short-Term Investments | 2.13B | 2.13B | 2.22B | 2.12B | 1.53B | 1.74B |
| Total Debt | 12.22M | 21.73M | 30.51M | 30.82M | 19.18M | 30.08M |
| Total Liabilities | 1.02B | 929.78M | 1.12B | 1.06B | 1.06B | 1.34B |
| Stockholders Equity | 4.19B | 4.22B | 4.18B | 4.22B | 4.49B | 4.32B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 111.43M | 301.91M | 314.89M | -422.66M | 369.44M |
| Operating Cash Flow | 0.00 | 132.93M | 307.99M | 377.61M | -321.67M | 417.88M |
| Investing Cash Flow | 0.00 | -119.02M | -95.61M | 391.20M | 344.97M | 24.39M |
| Financing Cash Flow | 0.00 | -105.37M | -104.55M | -198.21M | -256.90M | -179.73M |
ADJUVANT HOLDINGS CO., LTD. Technical Analysis
Positive
742.00
Price Trends
734.16
Positive
738.84
Positive
753.97
Negative
Market Momentum
1.22
Negative
58.64
Neutral
91.67
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:4929, the sentiment is Positive. The current price of 742 is above the 20-day moving average (MA) of 738.25, above the 50-day MA of 734.16, and below the 200-day MA of 753.97, indicating a neutral trend. The MACD of 1.22 indicates Negative momentum. The RSI at 58.64 is Neutral, neither overbought nor oversold. The STOCH value of 91.67 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:4929.
ADJUVANT HOLDINGS CO., LTD. Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | ¥6.53B | 9.60 | ― | 2.29% | 0.16% | 6.35% | |
71 Outperform | ¥309.61B | 27.24 | 6.58% | 3.89% | 0.95% | 76.82% | |
65 Neutral | ¥5.35B | 29.17 | ― | 1.68% | 3.17% | -27.27% | |
64 Neutral | ¥5.96B | 30.75 | ― | 1.62% | -2.17% | 402.41% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
58 Neutral | ¥7.79B | 43.01 | ― | 2.82% | 0.96% | -28.27% | |
50 Neutral | ¥5.17B | 20.60 | ― | ― | -18.19% | -65.57% |
* Consumer Defensive Sector Average
JP:4929
ADJUVANT HOLDINGS CO., LTD.
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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.