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Ichigo
(2337)
Ichigo (2337) vs. iShares MSCI Japan ETF (EWJ)
Ichigo Business Overview & Revenue Model
Ichigo Earnings Call Summary
Ichigo Financial Statement Overview
| Breakdown | TTM | Feb 2025 | Feb 2024 | Feb 2023 | Feb 2022 | Feb 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 99.75B | 84.16B | 82.75B | 68.09B | 56.93B | 61.37B |
| Gross Profit | 29.82B | 26.11B | 20.87B | 19.42B | 16.18B | 15.59B |
| EBITDA | 27.22B | 22.58B | 17.79B | 18.54B | 15.81B | 14.59B |
| Net Income | 16.82B | 15.19B | 12.11B | 9.41B | 6.47B | 5.03B |
Balance Sheet | ||||||
| Total Assets | 444.05B | 406.71B | 367.01B | 338.62B | 337.89B | 347.08B |
| Cash, Cash Equivalents and Short-Term Investments | 51.63B | 42.69B | 46.92B | 40.58B | 46.46B | 51.42B |
| Total Debt | 298.18B | 262.11B | 232.79B | 209.96B | 209.40B | 220.00B |
| Total Liabilities | 318.40B | 284.00B | 250.74B | 224.23B | 225.70B | 236.82B |
| Stockholders Equity | 114.50B | 111.71B | 105.51B | 103.84B | 101.78B | 100.06B |
Cash Flow | ||||||
| Free Cash Flow | -42.28B | -33.50B | -16.78B | -10.29B | 1.95B | -2.45B |
| Operating Cash Flow | -31.85B | -28.45B | -8.58B | 254.00M | 7.94B | 15.46B |
| Investing Cash Flow | -112.00M | 5.36B | -2.52B | 2.63B | 6.50B | -15.63B |
| Financing Cash Flow | 30.19B | 19.57B | 17.79B | -6.58B | -15.36B | 10.17B |
Ichigo Technical Analysis
Ichigo Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | ¥908.50B | 15.45 | 10.73% | 2.94% | -19.09% | 16.31% | |
73 Outperform | ¥137.65B | 8.22 | 17.98% | 2.93% | 84.20% | 137.87% | |
73 Outperform | ¥4.94T | 22.46 | 8.82% | 0.97% | 0.49% | 12.19% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
63 Neutral | ¥193.93B | 11.15 | 16.39% | 2.38% | 7.21% | 112.45% | |
62 Neutral | ¥73.66B | 9.56 | ― | 2.89% | -3.09% | -35.66% | |
57 Neutral | ¥1.06T | 18.02 | 8.38% | 3.68% | 3.52% | -17.58% |
Ichigo Corporate Events
Ichigo Inc. has set the exercise price for 2,950,000 stock options under its 23rd stock acquisition rights plan at JPY 501, equal to 115% of the company’s latest closing share price. The options will be allocated to a broad group of stakeholders, including eight directors, ten statutory executive officers, 243 employees, and two directors of subsidiaries, while Chairman Scott Callon will not receive any as he forgoes compensation from the company.
The move underscores Ichigo’s use of equity-based compensation to deepen alignment between management, staff, and shareholders, potentially strengthening retention and performance incentives across the organization. By tying a substantial volume of options to a premium over the market price, the company is signaling confidence in its future prospects and reinforcing a performance-driven culture that may support its competitive standing in Japan’s real estate and investment sectors.
The most recent analyst rating on (JP:2337) stock is a Hold with a Yen453.00 price target. To see the full list of analyst forecasts on Ichigo stock, see the JP:2337 Stock Forecast page.
Ichigo’s wholly owned subsidiary Ichigo Owners plans to acquire 100% of a new special purpose company, HELIX TK GK, which will hold trust beneficiary interests in five newly built residential assets in Tokyo’s 23 wards. The SPC, to be established in April 2026 with a JPY 11.06 billion TK investment, will become a consolidated subsidiary, strengthening Ichigo’s control over these residential assets.
In parallel, Ichigo Realty Management will set up a private real estate fund and provide asset management services for the acquired properties, reinforcing the group’s role in tailored real estate solutions for clients. The transaction, approved by Ichigo Owners’ board on February 26, 2026, is scheduled to close in early April and its impact will be reflected in Ichigo’s FY27/2 consolidated earnings forecast, signaling a measured expansion of its residential portfolio and fee-based management business.
The most recent analyst rating on (JP:2337) stock is a Hold with a Yen453.00 price target. To see the full list of analyst forecasts on Ichigo stock, see the JP:2337 Stock Forecast page.
Ichigo Inc. announced a correction to its previously disclosed changes in officers and corporate organization scheduled to take effect on March 1, 2026. The revision concerns the company’s organizational chart, adjusting how its internal structure will be configured following the upcoming reorganization.
While specific details of the altered chart are not disclosed in the notice, the correction underscores Ichigo’s efforts to ensure accurate governance information for investors and stakeholders. The update comes as the company prepares for structural changes that may influence management responsibilities and operational oversight across its businesses.
The most recent analyst rating on (JP:2337) stock is a Hold with a Yen453.00 price target. To see the full list of analyst forecasts on Ichigo stock, see the JP:2337 Stock Forecast page.
Ichigo Inc. announced a series of officer and organizational changes effective March 1, 2026, largely maintaining its existing top management while appointing Yuji Kamo as Statutory Executive Officer in charge of Corporate Planning. The leadership structure continues to align executives with key areas such as sustainable infrastructure, sustainable engineering, corporate operations, finance, HR, risk management, and compliance, underscoring continuity in governance.
The company is also creating a new Corporate Planning Group within the Finance Division to drive business strategy in closer coordination with each business unit. By more tightly integrating strategy and finance, Ichigo aims to boost agility, improve execution, and enhance capital efficiency, supporting sustainable growth in profitability, customer value, and shareholder returns.
The most recent analyst rating on (JP:2337) stock is a Hold with a Yen453.00 price target. To see the full list of analyst forecasts on Ichigo stock, see the JP:2337 Stock Forecast page.
Ichigo Inc. will issue stock options to its directors, statutory executive officers, employees, and directors and corporate auditors of its subsidiaries under its twenty-third stock acquisition rights plan, effective February 27, 2026. The move is designed to strengthen internal commitment to maximizing shareholder value and supporting sustainable growth through equity-based incentives.
The plan covers up to 2,950,000 common shares, with each stock option granting the right to acquire one share, and the issue price of the options set at zero as incentive compensation rather than an advantageous issuance. The exercise price will be 115% of the closing share price on the business day prior to issuance, with provisions for adjustments in the event of stock splits, reverse splits, or discounted new share issues and an exercise window running from February 14, 2029, to February 13, 2034.
Eligibility to exercise is conditioned on continued service at Ichigo or its subsidiaries, with limited exceptions acknowledged by the company and transfer or pledging of the options prohibited, though heirs may exercise inherited options upon the holder’s death. Capital and capital surplus treatment upon exercise will follow Japanese corporate accounting regulations, indicating structured governance over dilution and balance sheet effects and underscoring Ichigo’s ongoing use of stock-based compensation to align stakeholders’ interests.
The most recent analyst rating on (JP:2337) stock is a Hold with a Yen453.00 price target. To see the full list of analyst forecasts on Ichigo stock, see the JP:2337 Stock Forecast page.
Ichigo reported combined January 2026 solar and wind power generation of 18,094,775 kWh from its own and Ichigo Green’s plants, translating into an estimated 7.8 million kilograms of CO2 reductions. Output was 14% above forecast, driven by above-average productive daylight hours under a strong high-pressure system over much of Japan, underscoring the operational leverage of favorable weather conditions on Ichigo’s renewable portfolio and its contribution to the country’s decarbonization efforts; the company also provided comparative FY25 data and continues to disclose real-time production and emissions-reduction metrics for transparency to investors and other stakeholders.
The most recent analyst rating on (JP:2337) stock is a Hold with a Yen453.00 price target. To see the full list of analyst forecasts on Ichigo stock, see the JP:2337 Stock Forecast page.
Ichigo Inc. reported progress on its ongoing share buyback program, disclosing that it repurchased 3,866,200 common shares for approximately JPY 1.66 billion in January 2026 through in-market purchases via a securities firm. Cumulatively, between November 7, 2025 and January 31, 2026, the company has bought back 9,834,500 shares for about JPY 4.10 billion, representing roughly a third to 40% of the maximum authorized buyback, and during the current fiscal year it has spent over JPY 9.09 billion to repurchase 22,641,800 shares. The buyback, capped at 29.4 million shares or JPY 10 billion through October 31, 2026, underscores Ichigo’s continued commitment to capital return and balance sheet optimization, with potential implications for shareholder value through reduced share float and improved capital efficiency.
The most recent analyst rating on (JP:2337) stock is a Hold with a Yen453.00 price target. To see the full list of analyst forecasts on Ichigo stock, see the JP:2337 Stock Forecast page.
Ichigo Inc. has doubled the size of its ongoing share buyback program, raising the maximum purchase amount from ¥5 billion to ¥10 billion and the cap on shares from 15.2 million to 29.4 million, representing up to 7.11% of shares outstanding (excluding treasury shares) as of October 31, 2025, and extending the buyback period through October 31, 2026 via in-market purchases. In addition, the company will cancel 30 million treasury shares, or 6.73% of shares outstanding as of December 31, 2025, on January 30, 2026, reducing the total number of shares to 415,784,312 and signaling a strong commitment to capital efficiency and shareholder value after already repurchasing 18.78 million shares for about ¥7.43 billion in FY26/2.
The most recent analyst rating on (JP:2337) stock is a Buy with a Yen484.00 price target. To see the full list of analyst forecasts on Ichigo stock, see the JP:2337 Stock Forecast page.
Ichigo reported robust results for the first nine months of the fiscal year ending February 2026, with revenue rising 27.6% year-on-year to ¥73.0 billion and operating profit jumping 46.5% to ¥15.1 billion, supported by higher business profit and recurring profit, and a 18.3% increase in net income to ¥10.5 billion. Despite negative reported operating cash flow due largely to investment in real estate and power plants for sale, the company maintained positive economic operating cash flow and saw total assets expand to ¥444.0 billion, while slightly lowering its shareholders’ equity ratio to 25.6%; Ichigo kept its full-year earnings and dividend forecasts unchanged, signaling confidence in achieving targeted profit growth and modest dividend increases, which suggests ongoing investment-led expansion balanced with shareholder returns.
The most recent analyst rating on (JP:2337) stock is a Buy with a Yen484.00 price target. To see the full list of analyst forecasts on Ichigo stock, see the JP:2337 Stock Forecast page.
Ichigo reported that combined December 2025 solar and wind power generation from its own assets and those of Ichigo Green totaled 14.69 million kWh, roughly in line with internal forecasts but down 10.4% year-on-year due mainly to unusually strong daylight conditions in December 2024 that created a high comparison base. For the first half of the fiscal year ending February 2026, total generation reached about 137 million kWh, a 3.2% increase year-on-year, resulting in an estimated 59,083 tons of CO2 reductions and underscoring the company’s growing contribution to decarbonization despite normalizing monthly volatility in output.
The most recent analyst rating on (JP:2337) stock is a Hold with a Yen475.00 price target. To see the full list of analyst forecasts on Ichigo stock, see the JP:2337 Stock Forecast page.
Ichigo Inc. has provided an update on its ongoing share buyback program, reporting that it repurchased 3,706,500 common shares in December 2025 for a total of JPY 1.546 billion via in-market purchases through a securities firm. Cumulatively, from November 7 to December 31, 2025, the company has bought back 5,968,300 shares for JPY 2.432 billion, representing 39.27% of the maximum authorized shares and 48.64% of the authorized amount under the JPY 5 billion buyback plan running through May 31, 2026. The execution pace indicates Ichigo’s active use of its balance sheet to return capital to shareholders, which may support earnings per share and signal management’s confidence in the company’s valuation while still leaving room for further repurchases over the remaining buyback period.
The most recent analyst rating on (JP:2337) stock is a Hold with a Yen475.00 price target. To see the full list of analyst forecasts on Ichigo stock, see the JP:2337 Stock Forecast page.
Ichigo Inc. reported a 2% increase in solar and wind power generation for November 2025, surpassing forecasts with a total of 16,576,315 kWh. This performance underscores Ichigo’s commitment to sustainability and its role in reducing carbon emissions, which is crucial for stakeholders and the renewable energy market.
The most recent analyst rating on (JP:2337) stock is a Hold with a Yen419.00 price target. To see the full list of analyst forecasts on Ichigo stock, see the JP:2337 Stock Forecast page.