Fuji P.S Corporation (1848) AI Stock Analysis

• Market Cap: ¥10.19B
• Dividend Yield: 2.33%
• Average Volume (3M): 24.83K
• Price to Earnings (P/E): 190.2
• Beta (1Y): 0.66
• Revenue Growth: 7.66%
• EPS Growth: 562.50%
• Country: JP
• Employees: 484
• Sector: Industrials
• Sector Strength: 72
• Industry: Engineering & Construction
• EPS (TTM): 0.73
• Shares Outstanding: 18,602,243
• 10 Day Avg. Volume: 16,620
• 30 Day Avg. Volume: 24,826
• PEG Ratio: <0.01
• Price to Book (P/B): 0.63
• Price to Sales (P/S): 0.23
• P/FCF Ratio: -1.92
• 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
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 46 Neutral
• Price Target: ¥563.00 ▲(0.18% Upside)
• Action: Reiterated Date: 03/20/26
• Date: Action: Reiterated 03/20/26

The score is held back primarily by weak cash flow quality (persistent negative free cash flow) and an expensive valuation (P/E 190.236). Technicals also indicate soft momentum with the stock trading below key moving averages and a negative MACD, partially offset by improving revenue and operating profitability and a moderate dividend yield.

Positive Factors

Revenue growth and expanding sales

Revenue growth from ¥28,566M to ¥33,771M signals durable demand for the company’s services and supports scale benefits. Sustained top-line expansion strengthens market position and provides a base to further invest in capabilities and win larger contracts over the next 2–6 months.

Improving profitability and healthy gross margin

A gross margin near 12.8% alongside improved net and EBIT/EBITDA margins reflects better operational efficiency and pricing or cost control. Margin resilience supports earnings durability, funding of reinvestment and a more stable earnings base versus peers.

Stronger equity base and manageable leverage

Rising shareholders' equity and an equity ratio above 30% indicate a solid capital base and buffer against shocks. A debt-to-equity ~0.87 is moderate, allowing financial flexibility to fund projects or absorb cyclical weakness without immediate solvency pressure.

Negative Factors

Persistent negative free cash flow

Consistent negative free cash flow undermines the company’s ability to self-fund growth, capex and dividends. Over the medium term this creates dependency on external funding, increases refinancing risk, and can limit strategic options if cash conversion doesn't improve.

Poor cash conversion and reliance on financing

A negative operating-cash-to-net-income ratio shows earnings are not converting to cash, forcing reliance on financing inflows. This structural mismatch raises sustainability concerns and could constrain investment or necessitate higher leverage under adverse conditions.

Rising liabilities and profit volatility

Growing total liabilities combined with volatile net income reduce predictability of free cash flow and elevate refinancing and covenant risks. For an engineering/construction firm, this can hamper bidding competitiveness and strain margins during downturns.

Fuji P.S Corporation Business Overview & Revenue Model

Company Description

Fuji P.S Corporation engages in the construction business. The company undertakes various civil engineering works, such as construction of pre-stressed concrete (PC) road and railway bridges, tanks, and other civil engineering projects; seismic reinforcement of building structures; PC buried deck works; and PC ring and tension construction works. It also manufactures and sells civil engineering concrete products, such as PC orbit Makuragi, PC orbital floor slabs, and PC pile sheets; and architectural concrete products, such as PC beams and concrete columns. Fuji P.S Corporation was founded in 1954 and is headquartered in Fukuoka, Japan.

How the Company Makes Money

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Fuji P.S Corporation Financial Statement Overview

Summary

Revenue rose (¥28,566M to ¥33,771M) and operating margins improved, supported by a healthy gross margin (~12.77%) and higher profitability. Offsetting this, cash generation is weak with consistently negative free cash flow (¥-4,027M in 2025) and poor conversion of earnings to operating cash flow, raising sustainability risk despite a moderately leveraged but improving equity base.

Income Statement

The company shows a positive revenue growth rate with revenues increasing from ¥28,566M in 2024 to ¥33,771M in 2025. However, the net profit margin has declined from 1.45% in 2024 to 6.48% in 2025, indicating improved profitability. Gross profit margin remains healthy at around 12.77%. The EBIT and EBITDA margins have also improved, indicating efficient operational performance. Despite these positives, the volatility in net income over the years suggests some instability in profitability.

Balance Sheet

The balance sheet reflects a stable equity position with a significant increase in stockholders' equity from ¥10,406M in 2024 to ¥12,308M in 2025. The debt-to-equity ratio stands at 0.87, which is manageable but indicates a moderate level of leverage. The equity ratio of 32.59% shows a solid capital structure. However, the increase in total liabilities over the years could pose a potential risk if not managed properly.

Cash Flow

The cash flow statement reveals challenges, with consistent negative free cash flow over the years, reaching ¥-4,027M in 2025. The operating cash flow to net income ratio is negative, reflecting difficulties in converting net income into cash. Despite a positive financing cash flow, the reliance on external financing may not be sustainable in the long run without generating positive operating cash flow.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	34.20B	33.77B	28.57B	26.84B	27.30B	27.69B
Gross Profit	4.77B	4.31B	3.77B	3.37B	4.27B	4.75B
EBITDA	4.46B	4.01B	1.40B	918.00M	1.73B	2.39B
Net Income	2.50B	2.19B	415.00M	123.00M	775.00M	1.33B
Balance Sheet
Total Assets	35.71B	37.78B	33.68B	28.79B	27.79B	25.05B
Cash, Cash Equivalents and Short-Term Investments	2.54B	3.08B	2.20B	2.32B	3.25B	1.48B
Total Debt	8.89B	10.79B	9.04B	6.46B	4.95B	4.69B
Total Liabilities	23.43B	25.47B	23.27B	18.86B	17.96B	15.73B
Stockholders Equity	12.27B	12.31B	10.41B	9.93B	9.83B	9.31B
Cash Flow
Free Cash Flow	0.00	-4.03B	-2.51B	-2.21B	2.32B	-1.01B
Operating Cash Flow	0.00	-2.33B	-1.09B	-1.16B	3.15B	-137.00M
Investing Cash Flow	0.00	1.70B	-1.46B	-1.10B	-1.08B	-878.00M
Financing Cash Flow	0.00	1.51B	2.42B	1.33B	-287.00M	912.00M

Fuji P.S Corporation Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 562.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:1848, the sentiment is Negative. The current price of 562 is below the 20-day moving average (MA) of 609.65, below the 50-day MA of 635.70, and above the 200-day MA of 554.56, indicating a neutral trend. The MACD of -17.42 indicates Positive momentum. The RSI at 38.83 is Neutral, neither overbought nor oversold. The STOCH value of 38.19 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:1848.

Fuji P.S Corporation Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
1450	84 Outperform	¥13.75B	7.69	―	3.91%	12.31%	1.81%
1966	77 Outperform	¥13.50B	34.60	―	3.97%	5.33%	-27.53%
1401	67 Neutral	¥10.77B	13.10	―	0.99%	21.18%	53.16%
1768	66 Neutral	¥10.54B	6.31	―	2.16%	24.11%	1644.12%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
1844	62 Neutral	¥11.25B	11.79	―	2.74%	4.36%	17.63%
1848	46 Neutral	¥10.19B	190.24	―	2.33%	7.66%	562.50%