Integroup, Inc. (192A) AI Stock Analysis

• Market Cap: ¥4.01B
• Dividend Yield: 2.21%
• Average Volume (3M): 7.53K
• Price to Earnings (P/E): 14.8
• Beta (1Y): 1.22
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: JP
• Employees: 39
• Sector: Services
• Sector Strength: N/A
• Industry: Investment - Banking & Investment Services
• EPS (TTM): 34.39
• Shares Outstanding: 2,182,700
• 10 Day Avg. Volume: 5,820
• 30 Day Avg. Volume: 7,526
• PEG Ratio: -0.30
• Price to Book (P/B): 2.73
• Price to Sales (P/S): 2.74
• P/FCF Ratio: -23.11
• 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: 65 Neutral
• Price Target: ¥1,974.00 ▼(-0.65% Downside)
• Action: Reiterated Date: 03/10/26
• Date: Action: Reiterated 03/10/26

The score is primarily held back by weaker 2025 financial performance and a sharp deterioration in cash flow despite a debt-free, strong balance sheet. Technicals remain constructive but look stretched (high RSI), while valuation is reasonable with a moderate P/E and a supportive dividend yield.

Positive Factors

Debt-free balance sheet

No reported debt and materially higher equity provide durable financial flexibility. This reduces refinancing risk, supports continued dividend capacity and gives the company room to fund M&A or investment through equity or internal resources, improving resilience to downturns.

Sustained profitability and margins

Despite a cooling in 2025, maintained gross and operating margins indicate structural cost control and some pricing power. Historic ramp from 2022–2024 shows operational capability to drive profitability, supporting medium-term earnings durability if revenues stabilize.

Dividend and shareholder income support

A recurring ~2.09% dividend signals disciplined capital allocation and appeals to long-term income investors. Combined with a debt-free balance sheet, the dividend is more credible long-term and can help anchor the shareholder base while management restores cash generation.

Negative Factors

Sharp cash-flow deterioration

Operating and free cash flow turned negative in 2025 after prior strong years. This weakens internal funding for operations, capex and dividends, raises the possibility of external financing if prolonged, and highlights fragility in cash conversion and working-capital management.

Revenue decline & margin compression

A 2025 revenue decline alongside net margin compression reduces operating leverage and suggests demand or competitive pressure. If persistent, this can erode returns, limit reinvestment capacity and make future margin recovery harder, increasing earnings volatility over time.

Profitability and cash conversion volatility

Marked variability in profitability and cash conversion complicates forecasting and capital allocation. Fluctuating ROE and episodic negative cash flow raise the risk management may need to cut dividends, delay investments, or seek financing in adverse periods despite a currently strong balance sheet.

Integroup, Inc. Business Overview & Revenue Model

Company Description

Integroup Inc is a Japan-based company that provides mergers and acquisitions (M&A) brokerage services mainly to small and medium-sized companies. The Company operates in the M&A Brokerage business segment. The M&A Brokerage service provides one-stop support to business owners who wish to sell their companies, from initial consultation, assessment of the expected sale price, proposal of potential buyers and transfer schemes, preparation of necessary materials, selection of potential buyers, proposal to potential buyers, meeting with potential buyers, negotiation of terms and conditions, arrangement of basic agreement and final contract. The service is remunerated only when an M&A transaction is concluded

Integroup, Inc. Financial Statement Overview

Summary

Profitable with a very strong, low-risk balance sheet (no debt; higher equity), but results cooled in 2025 (revenue decline and margin compression) and cash generation was a key weakness as operating and free cash flow turned negative.

Income Statement

Profitability remains solid with healthy gross and operating margins in 2025, but performance cooled meaningfully from 2024: revenue declined and net margin compressed. Longer-term, the company has shown a sharp ramp-up from 2022 to 2024 (including a return to strong profitability), yet the latest year suggests more volatility than a steady upward trajectory.

Balance Sheet

The balance sheet is conservatively positioned with no debt reported across the periods provided, supporting financial flexibility. Equity has grown materially versus earlier years, and returns on equity have been strong despite moderating in 2025 from an exceptionally high 2024 level. Overall leverage risk looks low, with the main watch item being the variability in profitability that can impact equity returns over time.

Cash Flow

Cash generation deteriorated sharply in 2025, with operating cash flow and free cash flow turning negative after strong positive cash generation in 2023–2024. This swing indicates higher cash flow volatility and raises questions around working capital timing or cash conversion in the latest year. While prior years showed strong cash support relative to earnings, the current-year reversal is a notable near-term weakness.

Breakdown	May 2025	May 2025	May 2023	May 2022
Income Statement
Total Revenue	1.89B	2.20B	1.27B	649.04M
Gross Profit	1.03B	1.44B	629.12M	348.30M
EBITDA	506.46M	991.48M	240.25M	15.07M
Net Income	311.12M	672.35M	170.69M	-251.00K
Balance Sheet
Total Assets	2.13B	2.12B	1.10B	571.20M
Cash, Cash Equivalents and Short-Term Investments	1.91B	1.92B	1.04B	469.06M
Total Debt	0.00	0.00	0.00	0.00
Total Liabilities	223.92M	758.68M	406.35M	51.88M
Stockholders Equity	1.90B	1.36B	690.01M	519.32M
Cash Flow
Free Cash Flow	-224.30M	955.55M	569.85M	-238.62M
Operating Cash Flow	-224.30M	986.37M	573.96M	-238.12M
Investing Cash Flow	-6.80M	-109.51M	-4.11M	-500.00K
Financing Cash Flow	228.04M	0.00	0.00	0.00

Integroup, Inc. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1987.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:192A, the sentiment is Negative. The current price of 1987 is above the 20-day moving average (MA) of 1939.00, above the 50-day MA of 1961.62, and below the 200-day MA of 2141.00, indicating a bearish trend. The MACD of -26.88 indicates Positive momentum. The RSI at 39.16 is Neutral, neither overbought nor oversold. The STOCH value of 7.13 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:192A.

Integroup, Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
2127	76 Outperform	¥209.68B	12.40	26.65%	4.00%	10.37%	18.68%
6080	69 Neutral	¥100.20B	15.70	―	1.54%	17.13%	23.53%
192A	65 Neutral	¥4.01B	14.83	―	2.21%	―	―
4310	65 Neutral	¥27.63B	43.28	―	18.63%	21.38%	―
9552	63 Neutral	¥31.27B	22.17	―	0.45%	0.32%	-48.88%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
3807	50 Neutral	¥4.99B	-640.95	―	―	34.00%	99.28%