IBOKIN Co., Ltd. (5699) AI Stock Analysis

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IBOKIN Co., Ltd.

(TSE/TYO:5699)

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Rating:65Neutral

Price Target:JPY 1,450.00▲(2.47% Upside)

Action:reiterated

Date:09/11/26

The score is primarily constrained by 2025 financial risks—especially the sharp decline in operating/free cash flow and higher leverage—despite steady revenue growth and resilient profitability. Valuation is a key support (low P/E with a moderate dividend yield), while technicals are mildly positive but not strong enough to outweigh the cash-flow and balance-sheet concerns.

Positive Factors

Recycling and resource-recovery business modelIBOKIN operates in recycling and resource recovery, linking waste processing with sales of recovered materials and related services. This model addresses ongoing circular-economy needs and gives the company multiple ways to monetize industrial and demolition waste over time.

Negative Factors

Sharp deterioration in cash generationThe 2025 collapse in operating cash flow and deeply negative free cash flow weakens cash conversion and raises execution risk. If sustained, this could constrain internally funded investment, increase reliance on financing, and reduce flexibility during weaker operating periods.

IBOKIN Co., Ltd. (5699) vs. iShares MSCI Japan ETF (EWJ)

Market Cap: JPY 4.70B
Dividend Yield: 2.26%
Average Volume (3M): 5,130
Price to Earnings (P/E): 6.5
Beta (1Y): 0.40
Revenue Growth: 10.72%
EPS Growth: 73.57%
Country: Japan
Employees: 189
Sector: General
Sector Strength: 55
Industry: Waste Management

IBOKIN Co., Ltd. Business Overview & Revenue Model

Company Description

IBOKIN Co.,Ltd. operates as a Japanese recycling enterprise, with services spanning demolition, environmental protection, metal recovery, and transportation-related recycling across Japan. The firm is actively involved in processing both ferrous and...

How the Company Makes Money

IBOKIN makes money primarily by monetizing recyclable resources and by providing waste-processing services. Key revenue streams typically include: (1) Sales of recovered materials: the company acquires or receives scrap and recyclable inputs (often f...

IBOKIN Co., Ltd. Financial Statement Overview

Summary

Income statement trends are solid (consistent revenue growth and resilient net margin), but overall financial strength is held back by a sharp 2025 cash-flow deterioration (free cash flow deeply negative and weak cash conversion) and a notable step-up in leverage in 2025, increasing financial risk.

Income Statement

72Positive

Balance Sheet

58Neutral

Cash Flow

34Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	10.29B	10.01B	9.66B	8.66B	7.96B	8.43B
Gross Profit	2.11B	1.79B	1.85B	1.51B	1.35B	1.60B
EBITDA	1.37B	1.15B	1.11B	840.54M	743.46M	997.02M
Net Income	706.48M	598.47M	520.40M	396.38M	346.50M	509.53M
Balance Sheet
Total Assets	8.40B	8.11B	6.34B	5.76B	5.35B	5.76B
Cash, Cash Equivalents and Short-Term Investments	2.28B	1.67B	2.26B	1.73B	1.89B	1.97B
Total Debt	1.24B	1.51B	245.39M	293.81M	394.37M	559.03M
Total Liabilities	3.00B	2.96B	1.80B	1.73B	1.54B	2.14B
Stockholders Equity	5.36B	5.12B	4.53B	4.03B	3.81B	3.62B
Cash Flow
Free Cash Flow	0	-1.37B	710.83M	95.64M	179.13M	710.74M
Operating Cash Flow	0	71.73M	932.38M	603.82M	338.66M	795.97M
Investing Cash Flow	0	-1.44B	-239.70M	-494.25M	-200.28M	-100.48M
Financing Cash Flow	0	718.20M	-165.34M	-222.89M	-300.02M	-241.91M

IBOKIN Co., Ltd. Technical Analysis

Technical Analysis SentimentNegative

Last Price1415.00

Price Trends

50DMA1542.10Negative

100DMA1512.91Negative

200DMA1588.77Negative

Market Momentum

MACD-38.48Positive

RSI25.11Positive

STOCH14.52Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:5699, the sentiment is Negative. The current price of 1415.00 is below the 20-day moving average (MA) of 1468.95, below the 50-day MA of 1542.10, and below the 200-day MA of 1588.77, indicating a bearish trend. The MACD of -38.48 indicates Positive momentum. The RSI at 25.11 is Positive, neither overbought nor oversold. The STOCH value of 14.52 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:5699.

IBOKIN Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

JP:5699 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
JP:9793	72Outperform	JPY 164.83B	16.01	12.40%	2.40%	3.67%	13.39%
JP:5699	65Neutral	JPY 4.80B	6.51	―	2.26%	10.72%	73.57%
JP:9336	65Neutral	JPY 431.54B	25.97	―	1.30%	13.76%	18.44%
JP:4245	62Neutral	JPY 9.45B	11.20	―	3.38%	5.72%	219.73%
JP:2195	60Neutral	JPY 6.00B	19.24	―	1.62%	0.03%	-16.01%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
JP:5698	53Neutral	JPY 19.76B	7.75	―	3.80%	-9.49%	118.07%

* General Sector Average

Performance Comparison

JP:5699 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
JP:5699	IBOKIN Co., Ltd.	1415.00	34.11	2.47%
JP:9793	Daiseki Co	3465.00	226.09	6.98%
JP:2195	Amita Holdings Co., Ltd.	308.00	-25.23	-7.57%
JP:4245	Daiki Axis Co., Ltd.	711.00	44.95	6.75%
JP:5698	Envipro Holdings, Inc.	658.00	162.48	32.79%
JP:9336	Daiei Kankyo Co., Ltd.	4320.00	801.76	22.79%

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: Sep 11, 2026

IBOKIN Co., Ltd. AI Stock Analysis