Ichigo (2337) AI Stock Analysis

• Market Cap: ¥174.19B
• Dividend Yield: 2.51%
• Average Volume (3M): 1.38M
• Price to Earnings (P/E): 9.2
• 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: 1,274,330
• 30 Day Avg. Volume: 1,377,566
• 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): 39.57
• Revenue Forecast (FY): ¥99.20B

• Rating: 56 Neutral
• Price Target: ¥419.00 ▲(12.63% Upside)

Ichigo's overall stock score is driven by strong profitability margins and reasonable valuation. However, significant challenges include declining revenue growth, high leverage, and negative cash flows. Technical indicators suggest bearish momentum, which could impact short-term performance.

Ichigo Business Overview & Revenue Model

Company Description

Ichigo Inc. (2337) is a Japanese real estate company that focuses on sustainable infrastructure and the revitalization of existing properties. The company operates in several sectors, including real estate investment, asset management, property development, and clean energy. Ichigo is committed to creating value by optimizing the use of existing real estate assets, reducing environmental impact, and enhancing local communities.

How the Company Makes Money

Ichigo makes money primarily through its real estate and asset management operations. The company generates revenue from property leasing, sales, and development, as well as from management fees for overseeing real estate investment trusts (REITs) and other assets. Additionally, Ichigo invests in and manages clean energy projects, which contribute to its revenue through the production and sale of renewable energy. Key revenue streams include rental income from owned and managed properties, capital gains from property sales, and fees from asset management services. Strategic partnerships and investments in environmentally sustainable projects also play a significant role in Ichigo's earnings.

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	71.35B	84.16B	82.75B	68.09B	56.93B	61.37B
Gross Profit	25.30B	26.11B	20.87B	19.42B	16.18B	15.59B
EBITDA	21.69B	22.58B	17.79B	18.54B	15.81B	14.59B
Net Income	13.93B	15.19B	12.11B	9.41B	6.47B	5.03B
Balance Sheet
Total Assets	419.27B	406.71B	367.01B	338.62B	337.89B	347.08B
Cash, Cash Equivalents and Short-Term Investments	39.66B	42.69B	46.92B	40.58B	46.46B	51.42B
Total Debt	282.98B	262.11B	232.79B	209.96B	209.40B	220.00B
Total Liabilities	300.54B	284.00B	250.74B	224.23B	225.70B	236.82B
Stockholders Equity	107.68B	111.71B	105.51B	103.84B	101.78B	100.06B
Cash Flow
Free Cash Flow	-51.24B	-33.50B	-16.78B	-10.29B	1.95B	-2.45B
Operating Cash Flow	-44.80B	-28.45B	-8.58B	254.00M	7.94B	15.46B
Investing Cash Flow	-429.00M	5.36B	-2.52B	2.63B	6.50B	-15.63B
Financing Cash Flow	25.02B	19.57B	17.79B	-6.58B	-15.36B	10.17B

Ichigo Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 372.00
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• 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 372 is below the 20-day moving average (MA) of 384.75, below the 50-day MA of 396.34, and below the 200-day MA of 391.10, indicating a bullish trend. The MACD of 2.56 indicates Negative momentum. The RSI at 58.77 is Neutral, neither overbought nor oversold. The STOCH value of 81.64 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	¥85.64B	9.39	―	3.40%	-6.27%	-11.07%
8919	75 Outperform	¥239.55B	22.07	23.24%	2.20%	7.20%	21.32%
1766	74 Outperform	¥189.71B	11.51	―	2.25%	6.74%	55.77%
8818	71 Outperform	¥82.56B	17.43	―	2.39%	4.72%	47.55%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
8848	58 Neutral	¥203.32B	17.55	22.14%	1.51%	2.50%	-71.61%
2337	56 Neutral	¥174.19B	9.22	16.39%	2.51%	7.21%	112.45%

Ichigo Corporate Events

Ichigo Inc. Reports 18% Surge in July Renewable Energy Output

Ichigo Inc. reported a significant increase in its solar and wind power generation for July 2025, with a total output of 24,986,966 kWh, which is 18% above the forecast. This increase is attributed to an above-average number of productive daylight hours, enhancing the company’s CO2 reduction efforts and reinforcing its commitment to sustainability.

Ichigo Inc. Advances Share Buyback Program

Ichigo Inc. has reported progress on its share buyback program, having purchased 2,835,300 common shares in July 2025, amounting to JPY 1,134,708,100. This brings the cumulative total to 11,326,800 shares, which is 70.79% of the authorized buyback, with a total expenditure of JPY 4,380,725,200, or 87.62% of the authorized amount. The buyback is part of a strategy to enhance shareholder value and optimize capital structure.

Ichigo Inc. Exceeds Power Generation Forecasts in June 2025

In June 2025, Ichigo Inc. reported a total solar and wind power generation of 22,154,932 kWh, which was 9% above forecast due to favorable daylight conditions. This increase in power generation resulted in a significant reduction of CO2 emissions, aligning with Ichigo’s sustainability goals and enhancing its position in the renewable energy industry.

Ichigo Inc. Advances Share Buyback Program

Ichigo Inc., a company listed on the Tokyo Stock Exchange, has been actively engaging in a share buyback program as part of its financial strategy. As of June 2025, Ichigo has repurchased 8,491,500 common shares, representing 53.07% of its buyback authorization, with a total expenditure of JPY 3,246,017,100. This move is part of a broader initiative to enhance shareholder value and optimize capital structure.

Ichigo Inc. Faces Renewable Energy Production Challenges in May 2025

Ichigo Inc. reported a 9% shortfall in its May 2025 solar and wind power generation compared to forecasts, primarily due to adverse weather conditions and increased suspension of renewable energy purchases in certain regions. This operational challenge highlights the volatility in renewable energy production and its potential impact on Ichigo’s market performance and stakeholder interests.

Ichigo Inc. Maintains Independence and Protects Minority Shareholders

Ichigo Inc. announced that its controlling shareholder, Ichigo Trust Pte. Ltd., holds 52.84% of its voting rights, yet maintains an independent decision-making process. The company ensures the protection of minority shareholders by implementing rigorous compliance and audit procedures in any transactions involving Ichigo Trust Pte. Ltd.

Ichigo Inc. Strengthens Board Governance with Annual Evaluation

Ichigo Inc. has conducted its annual evaluation of the Board of Directors to ensure effective governance and alignment with Japan’s Corporate Governance Code. The evaluation confirmed the Board’s effective decision-making and oversight capabilities, and Ichigo plans to continue these evaluations to improve corporate governance and shareholder communication.

Ichigo Inc. Reports Growth in Renewable Energy Generation for April 2025

Ichigo Inc. reported a significant increase in its solar and wind power generation for April 2025, reaching 23,565,014 kWh, which aligns with their forecast. This growth in power generation also led to a substantial CO2 reduction, reflecting the company’s commitment to sustainability and enhancing its position in the renewable energy market.