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

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ADJUVANT HOLDINGS CO., LTD.

(TSE/TYO:4929)

Select Model

Rating:51Neutral

Price Target:JPY 739.00▲(0.54% Upside)

Action:reiterated

Date:11/06/26

The overall score is 51, reflecting a weak investment profile. The primary drag is the poor financial performance, driven by declining revenue and weakening cash flows, despite a fortress-like balance sheet. This is compounded by bearish technical momentum and an expensive valuation with a high P/E ratio. The company shows stability but lacks growth and positive market sentiment.

Positive Factors

Recent Positive Free Cash FlowPositive free cash flow across the latest three years indicates that the business has recently converted operations into funds after investment needs. This supports internal financing, strengthens liquidity resilience, and gives management more flexibility in allocating capital without increasing leverage.

Negative Factors

Volatile Operating Cash FlowVolatile operating cash flow reduces confidence that reported earnings will translate into consistently available funds across business cycles. Although recent free cash flow is positive, another operating downturn could constrain reinvestment, distributions, or other uses of capital without drawing on the balance sheet.

ADJUVANT HOLDINGS CO., LTD. (4929) vs. iShares MSCI Japan ETF (EWJ)

Market Cap: JPY 5.88B
Dividend Yield: 1.63%
Average Volume (3M): 3,198
Price to Earnings (P/E): 36.9
Beta (1Y): 0.06
Revenue Growth: -1.71%
EPS Growth: 314.83%
Country: Japan
Employees: 123
Sector: Consumer Defensive
Sector Strength: 62
Industry: Household & Personal Products

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 product...

ADJUVANT HOLDINGS CO., LTD. Financial Statement Overview

Summary

Financial performance is mixed. The balance sheet is exceptionally strong (Score 88) with negligible debt, providing a solid foundation. However, this is offset by weak income (Score 45) due to persistent revenue decline and poor cash flow (Score 40) with a downward trend in cash generation. The overall financial health is stable but underperforming.

Income Statement

45Neutral

Balance Sheet

88Very Positive

Cash Flow

40Negative

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	3.81B	3.81B	4.10B	4.44B	4.38B	4.43B
Gross Profit	2.56B	2.56B	2.66B	2.86B	2.92B	2.94B
EBITDA	287.71M	260.38M	241.97M	124.00M	341.54M	500.79M
Net Income	159.30M	142.98M	40.73M	-99.86M	403.64M	393.18M
Balance Sheet
Total Assets	5.12B	5.15B	5.30B	5.28B	5.55B	5.66B
Cash, Cash Equivalents and Short-Term Investments	2.07B	2.13B	2.22B	2.12B	1.53B	1.74B
Total Debt	19.70M	21.73M	30.51M	30.82M	19.18M	30.08M
Total Liabilities	969.43M	929.78M	1.12B	1.06B	1.06B	1.34B
Stockholders Equity	4.15B	4.22B	4.18B	4.22B	4.49B	4.32B
Cash Flow
Free Cash Flow	0	111.43M	301.91M	314.89M	-422.66M	369.44M
Operating Cash Flow	0	132.93M	307.99M	377.61M	-321.67M	417.88M
Investing Cash Flow	0	-119.02M	-95.61M	391.20M	344.97M	24.39M
Financing Cash Flow	0	-105.37M	-104.55M	-198.21M	-256.90M	-179.73M

ADJUVANT HOLDINGS CO., LTD. Technical Analysis

Technical Analysis SentimentNegative

Last Price735.00

Price Trends

50DMA739.96Negative

100DMA737.06Negative

200DMA751.06Negative

Market Momentum

MACD-1.19Positive

RSI45.40Neutral

STOCH45.83Neutral

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 735.00 is below the 20-day moving average (MA) of 739.10, below the 50-day MA of 739.96, and below the 200-day MA of 751.06, indicating a bearish trend. The MACD of -1.19 indicates Positive momentum. The RSI at 45.40 is Neutral, neither overbought nor oversold. The STOCH value of 45.83 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

Overall Rating

UnderperformOutperform

Sector (62)

Financial Indicators

JP:4929 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
JP:4925	80Outperform	JPY 6.28B	9.22	―	2.41%	-2.92%	-25.96%
JP:4927	71Outperform	JPY 321.00B	29.18	6.84%	3.58%	1.17%	10.12%
JP:4926	65Neutral	JPY 5.32B	20.89	―	1.61%	1.51%	-18.54%
Sector *	62Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
JP:4934	62Neutral	JPY 4.64B	12.74	―	―	-14.09%	-22.72%
JP:4929	51Neutral	JPY 5.91B	36.88	―	1.63%	-1.71%	314.83%
JP:4936	51Neutral	JPY 6.77B	-13.82	―	3.56%	-0.08%	-246.12%

* Consumer Defensive Sector Average

Performance Comparison

JP:4929 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
JP:4929	ADJUVANT HOLDINGS CO., LTD.	735.00	-9.91	-1.33%
JP:4927	Pola Orbis Holdings	1451.00	185.14	14.63%
JP:4925	HABA Laboratories, Inc.	1660.00	33.96	2.09%
JP:4926	C'BON COSMETICS Co., Ltd.	1243.00	61.40	5.20%
JP:4934	Premier Anti-Aging Co., Ltd.	532.00	-166.00	-23.78%
JP:4936	AXXZIA, Inc.	281.00	-135.62	-32.55%

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: Nov 05, 2026

ADJUVANT HOLDINGS CO., LTD. AI Stock Analysis