Ichigo (2337) AI Stock Analysis

• Market Cap: ¥178.17B
• Dividend Yield: 2.38%
• Average Volume (3M): 1.34M
• Price to Earnings (P/E): 10.2
• Beta (1Y): 0.89
• Revenue Growth: 7.21%
• EPS Growth: 112.45%
• Country: JP
• Employees: 552
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Services
• EPS (TTM): 4.66
• Shares Outstanding: 445,784,300
• 10 Day Avg. Volume: 985,660
• 30 Day Avg. Volume: 1,344,833
• PEG Ratio: 0.35
• Price to Book (P/B): 1.40
• Price to Sales (P/S): 1.86
• P/FCF Ratio: -4.67
• 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: ¥420.00
• Price Target Upside: -4.11% Downside
• Rating Consensus: Moderate Sell
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 67 Neutral
• Price Target: ¥449.00 ▲(2.51% Upside)

The score is driven by strong earnings-call momentum (record-earnings guidance and major buyback/share cancellation) and reasonable valuation, but capped by weak cash flow (negative operating and free cash flow) and elevated leverage. Technicals are mixed-to-weak near term, adding modest pressure.

Positive Factors

Strong Profitability

Sustained high operating and net margins with mid-teens ROE indicate durable earnings power from Ichigo’s value‑add real estate and asset‑management model. Strong margins support reinvestment, dividends and buybacks, underpinning long‑term cash generation potential if cash conversion improves.

Diversified Business Model

Ichigo’s mix of commercial/residential real estate, branded hotels, renewable energy and growing private funds creates multiple revenue streams. This structural diversification reduces single‑market cyclicality and supports more stable cash flows over a multi‑quarter horizon as each business scales.

Proactive Capital Allocation

Aggressive buybacks and permanent share cancellation reflect disciplined capital allocation that boosts long‑term EPS and ROE, aligns management with shareholders and can sustainably enhance per‑share cash returns, especially if core earnings remain solid and buybacks are funded prudently.

Negative Factors

Negative Cash Conversion

Reported earnings are not translating into operating cash, indicating heavy capex, working capital pulls or timing of asset disposals. Persistent negative cash conversion stresses financing flexibility, limits self‑funding of growth or dividends, and raises refinancing and liquidity risks over months.

Elevated Leverage

A high debt‑to‑equity ratio increases sensitivity to property value declines, interest rate moves and refinancing cycles. Even with portion of costs fixed, elevated leverage constrains strategic flexibility, amplifies downside in stress scenarios and raises long‑term funding costs if rates or asset volatility rise.

Segment Volatility & Fee Timing Risk

Material swings in sustainable real estate and uncertain timing of asset‑management performance fees create revenue and earnings lumpiness. Reliance on asset sales and REIT monetizations means predictable recurring cash flows are limited, increasing forecasting risk and earnings volatility over quarters.

Ichigo Business Overview & Revenue Model

Company Description

Ichigo Inc. owns and operates real estate properties in Japan. The company manages J-REIT and private equity real estate funds; and develops small-and mid-size assets and ground leases. It also acquires, manages, leases, and sells real estate properties. In addition, the company produces and supplies clean energy; and provides engineering, consulting, and technical solutions. Further, it is involved in the building and operation of solar power plants; and operating self-storage facilities. Additionally, the company, through its subsidiary, Ichigo Animation, is involved in the planning, editing, developing, streaming, distributing, and import/export of printed and digital content; planning, developing, creating, streaming, and domestic and overseas distribution of films and content for streaming, TV, and other media; planning, developing, and distribution of scripts; planning, manufacturing, sale, and import/export of character-themed products, toys, household products, apparel, accessories, stationary, household electronics, shoes, and bags. As of December 10, 2021, it operated 58 solar power plants. The company was formerly known as Ichigo Group Holdings Co., Ltd. and changed its name to Ichigo Inc. in August 2015. Ichigo Inc. was incorporated in 2000 and is based in Tokyo, Japan.

How the Company Makes Money

Ichigo generates revenue through various channels, primarily focusing on real estate investment and management. The company earns income by leasing commercial and residential properties, which provides a steady stream of rental income. Additionally, Ichigo invests in renewable energy projects, generating revenue through the sale of electricity produced from these assets. The company may also engage in property development, which can yield significant profits upon the sale or leasing of newly developed properties. Key partnerships with local governments and other stakeholders enhance its ability to secure investments and projects, contributing to its overall financial performance.

Ichigo Financial Statement Overview

Summary

Strong reported profitability (healthy margins and solid ROE) is offset by elevated leverage (debt-to-equity ~2.6x) and weak cash conversion, with negative operating and free cash flow in the TTM period.

Income Statement

Profitability is solid and improving: TTM (Trailing-Twelve-Months) gross margin is ~31% and operating profitability is strong (EBIT margin ~22%; EBITDA margin ~27%). Net margin is healthy at ~16.9%. Revenue growth in TTM is robust (~107.5%), though the most recent annual growth was modest (~1.7%), suggesting the growth rate may be lumpy. Overall, earnings power looks strong, but the trajectory depends on whether the TTM step-up is sustainable.

Balance Sheet

Returns on equity are respectable (TTM ~15.0%), but the capital structure is leveraged for the profile: debt-to-equity is elevated at ~2.60x in TTM (and ~2.35x in the latest annual period). Assets have grown over time, yet the higher leverage increases sensitivity to property values, refinancing conditions, and interest rates. Strength in returns is partly offset by balance-sheet risk.

Cash Flow

Cash generation is the key weakness. TTM (Trailing-Twelve-Months) operating cash flow is negative (about -¥31.9B) and free cash flow is also negative (about -¥42.3B), indicating the current earnings are not translating into cash. While the reported free cash flow growth is positive in TTM, absolute free cash flow remains meaningfully below zero, and operating cash flow relative to net income is also negative—highlighting volatility and potential working-capital or investment-driven cash needs.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	84.16B	82.75B	68.09B	56.93B	61.37B
Gross Profit	26.11B	20.87B	19.42B	16.18B	15.59B
EBITDA	22.58B	17.79B	18.54B	15.81B	14.59B
Net Income	15.19B	12.11B	9.41B	6.47B	5.03B
Balance Sheet
Total Assets	406.71B	367.01B	338.62B	337.89B	347.08B
Cash, Cash Equivalents and Short-Term Investments	42.69B	46.92B	40.58B	46.46B	51.42B
Total Debt	262.11B	232.79B	209.96B	209.40B	220.00B
Total Liabilities	284.00B	250.74B	224.23B	225.70B	236.82B
Stockholders Equity	111.71B	105.51B	103.84B	101.78B	100.06B
Cash Flow
Free Cash Flow	-33.50B	-16.78B	-10.29B	1.95B	-2.45B
Operating Cash Flow	-28.45B	-8.58B	254.00M	7.94B	15.46B
Investing Cash Flow	5.36B	-2.52B	2.63B	6.50B	-15.63B
Financing Cash Flow	19.57B	17.79B	-6.58B	-15.36B	10.17B

Ichigo Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 438.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:2337, the sentiment is Neutral. The current price of 438 is above the 20-day moving average (MA) of 432.00, above the 50-day MA of 421.62, and above the 200-day MA of 404.42, indicating a neutral trend. The MACD of -6.60 indicates Positive momentum. The RSI at 36.56 is Neutral, neither overbought nor oversold. The STOCH value of 11.09 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for JP:2337.

Ichigo Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
8877	79 Outperform	¥104.15B	10.95	―	3.08%	-6.27%	-11.07%
8919	75 Outperform	¥235.31B	21.68	23.24%	2.13%	7.20%	21.32%
1766	74 Outperform	¥199.66B	11.86	―	2.33%	6.06%	40.37%
8818	71 Outperform	¥89.48B	20.19	―	2.19%	4.72%	47.55%
2337	67 Neutral	¥178.17B	10.25	16.39%	2.38%	7.21%	112.45%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
8848	58 Neutral	¥219.21B	18.92	22.14%	1.49%	2.50%	-71.61%

Ichigo Corporate Events

Ichigo Doubles Share Buyback and Cancels 30 Million Shares to Boost Shareholder Value

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 Delivers Strong Q3 Earnings and Confirms Full-Year FY26/2 Profit and Dividend Outlook

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 Posts Stable Renewable Output in December, First-Half Generation Up 3.2%

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 Advances Share Buyback, Nears Half of Authorized Budget

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. Exceeds November Power Generation Forecasts

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.

Ichigo Executes Share Buyback to Enhance Shareholder Value

Ichigo Inc., a company listed on the Tokyo Stock Exchange, has announced the execution of a portion of its share buyback program. During November 2025, Ichigo purchased 2,261,800 common shares for approximately JPY 885.7 million as part of its ongoing buyback plan, which aims to acquire up to 15.2 million shares by May 2026. This move is part of Ichigo’s strategy to enhance shareholder value and optimize its capital structure.

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.

Ichigo Inc. Sells Residential Assets to Boost Revenue

Ichigo Inc. has announced the sale of seven residential assets for JPY 9.8 billion through its subsidiary, Ichigo Owners. This transaction is part of Ichigo’s strategy to secure stable earnings by selling fully-leased properties to a Japanese fund, while Ichigo Realty Management will manage these assets through a newly established private equity real estate fund. The sale is expected to positively impact Ichigo’s revenue for the fiscal year, aligning with its consolidated earnings forecast.

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.

Ichigo Inc. Announces Share Buyback to Enhance Shareholder Value

Ichigo Inc., listed on the Tokyo Stock Exchange, has announced a share buyback to enhance shareholder value. This marks the ninth consecutive year of such buybacks, with the current initiative allowing for the repurchase of up to 15.2 million shares, representing 3.68% of total shares, at a maximum cost of JPY 5 billion. The buyback period extends from November 7, 2025, to May 31, 2026, and will be executed through in-market purchases.

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.

Ichigo Inc. Reports October 2025 Power Generation Below Forecast

Ichigo Inc. reported that its solar and wind power generation for October 2025 was 16,897,036 kWh, which was 13% below forecast due to adverse weather conditions and maintenance activities. Despite these challenges, Ichigo continues to contribute to CO2 reduction efforts, although the lower power generation may impact its operational targets and stakeholder expectations.

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.