Takahashi Curtain Wall Corporation (1994) AI Stock Analysis

• Market Cap: ¥5.20B
• Dividend Yield: 3.79%
• Average Volume (3M): 3.19K
• Price to Earnings (P/E): 25.2
• Beta (1Y): 0.43
• Revenue Growth: -14.22%
• EPS Growth: -92.98%
• Country: JP
• Employees: 192
• Sector: Industrials
• Sector Strength: 72
• Industry: Construction Materials
• EPS (TTM): 25.61
• Shares Outstanding: 9,553,011
• 10 Day Avg. Volume: 3,190
• 30 Day Avg. Volume: 3,190
• PEG Ratio: -0.46
• Price to Book (P/B): 0.38
• Price to Sales (P/S): 0.57
• P/FCF Ratio: 1.94
• 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: 63 Neutral
• Price Target: ¥628.00 ▲(25.60% Upside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is driven primarily by mixed financial performance: a strong, conservatively financed balance sheet is a clear strength, but revenue/profitability volatility and inconsistent cash flow reduce confidence. Technically, the stock is in an uptrend, though momentum appears stretched. Valuation is somewhat high for the recent earnings and sales softness, with the dividend providing partial support.

Positive Factors

Conservative balance sheet / low leverage

A conservatively financed balance sheet with modest debt relative to equity supports resilience across cycles, lowering refinancing and liquidity risk. This durability lets management fund working capital and opportunistic investment without immediate reliance on volatile capital markets, a lasting structural strength.

Sustained profitability and positive gross profit

Remaining profitable and consistently generating gross profit across years shows core product economics are intact. That structural gross-margin cushion supports ability to cover fixed costs, preserve operating continuity through downturns, and provide a platform for margin recovery when volumes normalize.

Strong operating and free cash flow rebound in 2025

A solid cash-flow rebound in 2025 materially improves near-term liquidity and creates optionality to reduce leverage, invest in maintenance or growth capex, and support dividends. While not proof of persistence, the renewed cash generation enhances financial flexibility for multiple quarters ahead.

Negative Factors

High revenue volatility, sharp 2025 decline

Large year-to-year revenue swings undermine predictability of cash flow and scale economics. A 19% sales drop after a big prior-year gain suggests exposure to cyclical end markets or order timing, complicating capacity planning, margin stability, and multi-period revenue guidance for investors and management.

Inconsistent multi-year cash generation

Repeated swings between negative and positive operating cash flow raise concerns about earnings quality and working-capital dynamics. Inconsistent cash increases reliance on external funding or asset sales during weak years, reducing predictability of capital returns and constraining long-term investment planning.

Compressed profitability and falling returns on equity

Material decline in ROE and compressed operating margins indicate deteriorating capital efficiency. With a large equity base, low returns make it harder to deliver shareholder value unless the company can sustainably improve margins or asset turnover, a structural challenge for multi-quarter recovery.

Takahashi Curtain Wall Corporation Business Overview & Revenue Model

Company Description

Takahashi Curtain Wall Corporation designs, manufactures, and constructs precast concrete curtain walls in Japan. It also plans, proposes, designs, and constructs water environments, water spaces, and water facilities. The company was founded in 1951 and is headquartered in Tokyo, Japan.

How the Company Makes Money

Takahashi Curtain Wall Corporation generates revenue primarily through the sale and installation of its curtain wall systems. Its revenue model is based on project contracts where the company charges clients for both materials and labor involved in the design and installation process. Key revenue streams include large-scale contracts with commercial developers, government projects, and partnerships with architectural firms that specify Takahashi's products in their designs. Additionally, the company may engage in maintenance and repair services for existing installations, providing a recurring revenue source. Strategic partnerships with suppliers ensure a steady flow of quality materials, while collaborations with construction firms help secure contracts and bolster the company's market presence, further contributing to its earnings.

Takahashi Curtain Wall Corporation Financial Statement Overview

Summary

Financials are mixed: a strong, low-leverage balance sheet supports resilience, but earnings have become more cyclical with a sharp 2025 revenue decline (-19%) and compressed profitability versus 2020–2021. Cash flow is a key risk due to multi-year inconsistency despite a strong rebound in 2025.

Income Statement

Revenue has been volatile: strong growth in 2024 (+28%) was followed by a sharp decline in 2025 (-19%), bringing sales back near 2023 levels. Profitability has also compressed materially versus 2020–2021 (when margins and earnings were much stronger), with 2025 showing low operating profit and lower net income than 2023–2024. Positives are that the company remains profitable across all years shown and maintained positive gross profit, but the overall earnings trajectory is down and more cyclical than steady.

Balance Sheet

The balance sheet looks conservatively financed with low leverage: debt is modest relative to equity (debt-to-equity stayed low in the years provided), and equity is large versus the asset base, suggesting solid balance sheet resilience. Total assets and equity are fairly stable across the period, which supports financial durability. The key weakness is returns on equity have fallen meaningfully from the 2020–2021 peak to low-single-digits in 2023–2024, indicating weaker profitability on a still-large capital base.

Cash Flow

Cash generation is inconsistent. Operating and free cash flow swung from negative (2020, 2022, and notably 2024) to strong positives (2021, 2023, and a very strong rebound in 2025). 2025 cash flow strength is a clear positive (operating cash flow and free cash flow both solidly positive), but the repeated periods of negative cash flow raise working-capital and earnings-quality risk and reduce confidence in cash flow stability.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	9.05B	7.34B	9.38B	7.33B	7.53B	12.23B
Gross Profit	1.38B	1.10B	1.51B	1.25B	1.03B	2.84B
EBITDA	784.83M	395.85M	898.00M	783.50M	515.88M	2.36B
Net Income	229.95M	190.52M	372.70M	302.00M	151.64M	1.40B
Balance Sheet
Total Assets	12.59B	12.63B	13.88B	12.71B	12.32B	13.93B
Cash, Cash Equivalents and Short-Term Investments	1.19B	2.15B	1.03B	2.65B	1.47B	3.11B
Total Debt	512.00M	526.00M	1.33B	679.00M	446.00M	641.00M
Total Liabilities	1.96B	1.83B	3.10B	2.01B	1.65B	3.21B
Stockholders Equity	10.64B	10.80B	10.77B	10.70B	10.67B	10.72B
Cash Flow
Free Cash Flow	0.00	2.14B	-1.96B	1.23B	-1.25B	1.61B
Operating Cash Flow	0.00	2.51B	-1.86B	1.52B	-873.32M	2.00B
Investing Cash Flow	0.00	-374.06M	-99.07M	-285.48M	-373.99M	-257.64M
Financing Cash Flow	0.00	-1.02B	337.58M	-58.20M	-396.68M	-540.34M

Takahashi Curtain Wall Corporation Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 500.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:1994, the sentiment is Positive. The current price of 500 is below the 20-day moving average (MA) of 571.65, below the 50-day MA of 546.84, and below the 200-day MA of 501.67, indicating a bullish trend. The MACD of 15.90 indicates Negative momentum. The RSI at 68.78 is Neutral, neither overbought nor oversold. The STOCH value of 69.55 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:1994.

Takahashi Curtain Wall Corporation Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
5352	76 Outperform	¥149.14B	8.33	―	2.77%	1.43%	91.97%
5268	69 Neutral	¥12.95B	55.69	―	1.24%	-2.82%	-44.93%
5356	68 Neutral	¥13.34B	10.15	―	3.42%	8.37%	8.13%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
1994	63 Neutral	¥5.20B	25.20	―	3.79%	-14.22%	-92.98%
4044	55 Neutral	¥109.03B	23.95	―	4.87%	-4.44%	-47.54%
5269	49 Neutral	¥20.09B	-133.31	―	3.24%	-3.73%	-143.19%