Ichigo (2337) AI Stock Analysis

• Market Cap: ¥198.26B
• Dividend Yield: 2.38%
• Average Volume (3M): 1.34M
• Price to Earnings (P/E): 10.5
• Beta (1Y): 0.83
• Revenue Growth: 7.21%
• EPS Growth: 112.45%
• Country: JP
• Employees: 552
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Services
• EPS (TTM): N/A
• Shares Outstanding: 445,689,200
• 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: 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: 67 Neutral
• Price Target: ¥475.00 ▲(8.45% Upside)

The score is most constrained by weak cash flow (negative operating and free cash flow) and elevated leverage, despite strong recent revenue/earnings performance. Technicals are supportive with the stock trading above major moving averages and positive MACD, while valuation is relatively reasonable with a low P/E and a modest dividend yield.

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

Ichigo shows strong profitability margins with a healthy net profit margin of 18.16%. However, the company faces challenges with declining revenue growth of 14.68% and high leverage with a debt-to-equity ratio of 2.35. Negative cash flows further highlight liquidity issues.

Income Statement

The income statement shows mixed results. The company has a strong EBIT and EBITDA margin, indicating efficient operations and profitability. However, the revenue growth rate has declined by 14.68% in the TTM, which is a concern. The net profit margin remains healthy at 18.16%, suggesting good cost management despite revenue challenges.

Balance Sheet

The balance sheet reveals a high debt-to-equity ratio of 2.35, indicating significant leverage, which could pose risks in volatile markets. Return on equity is reasonable at 14.08%, showing that the company is generating decent returns on shareholders' investments. However, the high leverage remains a concern for financial stability.

Cash Flow

Cash flow analysis indicates challenges, with negative operating and free cash flows in the TTM. The free cash flow to net income ratio is positive at 1.18, suggesting that the company is generating cash relative to its net income. However, the negative cash flow growth and operating cash flow coverage ratio of 0.0 highlight liquidity issues.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	98.68B	84.16B	82.75B	68.09B	56.93B	61.37B
Gross Profit	30.68B	26.11B	20.87B	19.42B	16.18B	15.59B
EBITDA	26.22B	22.58B	17.79B	18.54B	15.81B	14.59B
Net Income	18.45B	15.19B	12.11B	9.41B	6.47B	5.03B
Balance Sheet
Total Assets	420.19B	406.71B	367.01B	338.62B	337.89B	347.08B
Cash, Cash Equivalents and Short-Term Investments	47.32B	42.69B	46.92B	40.58B	46.46B	51.42B
Total Debt	275.68B	262.11B	232.79B	209.96B	209.40B	220.00B
Total Liabilities	295.84B	284.00B	250.74B	224.23B	225.70B	236.82B
Stockholders Equity	113.24B	111.71B	105.51B	103.84B	101.78B	100.06B
Cash Flow
Free Cash Flow	-25.90B	-33.50B	-16.78B	-10.29B	1.95B	-2.45B
Operating Cash Flow	-18.71B	-28.45B	-8.58B	254.00M	7.94B	15.46B
Investing Cash Flow	14.34B	5.36B	-2.52B	2.63B	6.50B	-15.63B
Financing Cash Flow	12.74B	19.57B	17.79B	-6.58B	-15.36B	10.17B

Ichigo Technical Analysis

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

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:2337, the sentiment is Positive. The current price of 438 is above the 20-day moving average (MA) of 432.10, above the 50-day MA of 408.20, and above the 200-day MA of 400.96, indicating a bullish trend. The MACD of 12.03 indicates Negative momentum. The RSI at 76.55 is Negative, neither overbought nor oversold. The STOCH value of 86.02 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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	¥105.39B	11.56	―	3.08%	-6.27%	-11.07%
8919	75 Outperform	¥248.81B	22.92	23.24%	2.13%	7.20%	21.32%
1766	74 Outperform	¥200.19B	11.90	―	2.33%	6.06%	40.37%
8818	71 Outperform	¥90.74B	19.16	―	2.19%	4.72%	47.55%
2337	67 Neutral	¥198.26B	10.49	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	¥217.62B	18.78	22.14%	1.49%	2.50%	-71.61%

Ichigo Corporate Events

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.

Ichigo Inc. Updates Financial Terminology for Greater Transparency

Ichigo Inc. has announced a change in the terminology used in its financial statements, renaming ‘All-In Operating Profit’ to ‘Business Profit’ to better align with common industry terminology. This change aims to enhance transparency for shareholders regarding the earnings contributions from its sustainable real estate and hotel businesses, although the forecast figures themselves remain unchanged.

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.