Hard Off Corporation Co., Ltd. (2674) AI Stock Analysis

• Market Cap: ¥25.34B
• Dividend Yield: 4.17%
• Average Volume (3M): 26.12K
• Price to Earnings (P/E): 11.6
• Beta (1Y): 0.56
• Revenue Growth: 8.63%
• EPS Growth: -3.75%
• Country: JP
• Employees: 731
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Specialty Retail
• EPS (TTM): 39.15
• Shares Outstanding: 13,954,000
• 10 Day Avg. Volume: 23,860
• 30 Day Avg. Volume: 26,123
• PEG Ratio: 1.03
• Price to Book (P/B): 1.38
• Price to Sales (P/S): 0.75
• P/FCF Ratio: 30.69
• 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: Moderate Buy
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 74 Outperform
• Price Target: ¥2,022.00 ▲(9.59% Upside)

Hard Off Corporation's strong financial performance is the most significant factor, supported by a robust income statement and effective cash management. The valuation is attractive with a reasonable P/E ratio and a high dividend yield. Technical analysis indicates a neutral to slightly bearish trend, which slightly tempers the overall score.

Hard Off Corporation Co., Ltd. Business Overview & Revenue Model

Company Description

Hard Off Corporation Co., Ltd. (2674) is a Japanese retail company specializing in the sale of secondhand goods. Founded in 1993, the company operates a chain of stores across Japan under various brand names, including Hard Off, Off House, and Hobby Off. It focuses on the resale of a diverse range of products, including electronics, musical instruments, household items, and fashion apparel. The company's commitment to promoting reuse and sustainability has positioned it as a leader in the secondhand market.

How the Company Makes Money

Hard Off Corporation generates revenue primarily through the retail sales of secondhand goods in its physical stores and online platforms. The company acquires inventory through customer consignment, where individuals can sell their unwanted items in exchange for cash or store credit. This low-cost inventory model allows Hard Off to maintain competitive pricing while maximizing profit margins. Key revenue streams include sales from its various store brands, including Hard Off for electronics, Off House for household goods, and Hobby Off for hobby-related items. Additionally, Hard Off has established partnerships with manufacturers and other retailers, which enhance its product offerings and help attract more customers. The company also benefits from increasing consumer awareness of sustainability, driving demand for secondhand products.

Hard Off Corporation Co., Ltd. Financial Statement Overview

Summary

Hard Off Corporation exhibits a robust financial profile with strong growth and profitability in the income statement, stable leverage and equity ratios in the balance sheet, and effective cash management in the cash flow statement. Monitoring debt levels is recommended to maintain financial health.

Income Statement

Hard Off Corporation has demonstrated a strong revenue growth trend, with a consistent increase over the years. The company shows healthy gross and net profit margins, indicating efficient cost management and profitability. EBIT and EBITDA margins are robust, supporting operational efficiency. Overall, the company exhibits strong financial performance in the income statement.

Balance Sheet

The balance sheet reveals a stable financial position with a manageable debt-to-equity ratio, suggesting prudent leverage. The equity ratio is healthy, indicating solid financial stability. Return on equity is strong, showcasing effective use of shareholders' equity to generate profits. The overall balance sheet strength is commendable, though vigilance on debt levels is advisable.

Cash Flow

The company's cash flow statement reflects solid cash generation capabilities. There is a positive trend in free cash flow growth, indicating effective cash management. The operating cash flow to net income ratio is favorable, highlighting efficient conversion of profits into cash. Free cash flow to net income ratio further supports the company's strong cash position.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	33.90B	33.53B	30.11B	27.04B	24.51B	21.27B
Gross Profit	23.27B	23.00B	20.66B	18.59B	16.84B	14.57B
EBITDA	4.07B	4.11B	3.59B	3.01B	2.14B	1.24B
Net Income	2.19B	2.31B	2.09B	1.65B	1.04B	348.12M
Balance Sheet
Total Assets	25.93B	25.62B	23.10B	20.72B	18.74B	18.11B
Cash, Cash Equivalents and Short-Term Investments	3.01B	3.01B	3.02B	2.91B	2.60B	2.20B
Total Debt	5.07B	3.18B	2.43B	2.15B	2.25B	2.51B
Total Liabilities	8.19B	7.24B	6.10B	5.37B	4.99B	5.07B
Stockholders Equity	17.63B	18.27B	16.90B	15.28B	13.69B	13.00B
Cash Flow
Free Cash Flow	0.00	822.66M	737.75M	1.13B	963.62M	670.60M
Operating Cash Flow	0.00	2.14B	1.87B	1.77B	1.48B	1.13B
Investing Cash Flow	0.00	-1.84B	-1.20B	-820.75M	-219.54M	-312.63M
Financing Cash Flow	0.00	-334.41M	-587.97M	-714.03M	-899.69M	-480.80M

Hard Off Corporation Co., Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1845.00
• 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:2674, the sentiment is Positive. The current price of 1845 is above the 20-day moving average (MA) of 1823.55, above the 50-day MA of 1824.28, and above the 200-day MA of 1789.96, indicating a bullish trend. The MACD of 1.76 indicates Negative momentum. The RSI at 56.14 is Neutral, neither overbought nor oversold. The STOCH value of 53.15 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:2674.

Hard Off Corporation Co., Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
3179	74 Outperform	¥24.18B	18.80	―	3.19%	-0.24%	-45.59%
2674	74 Outperform	¥25.34B	11.58	―	4.17%	8.63%	-3.75%
3093	65 Neutral	¥40.71B	14.21	―	2.18%	17.90%	14.14%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
9270	58 Neutral	¥13.06B	18.54	―	1.06%	4.14%	―

Hard Off Corporation Co., Ltd. Corporate Events

Hard Off Corporation Acquires ECONOS Co., Ltd.

Hard Off Corporation Co., Ltd. has successfully completed a tender offer to acquire shares of ECONOS Co., Ltd., resulting in ECONOS becoming a consolidated subsidiary. This strategic acquisition, finalized on September 25, 2025, is expected to enhance Hard Off’s market position and expand its operational capabilities.

The most recent analyst rating on (JP:2674) stock is a Buy with a Yen2014.00 price target. To see the full list of analyst forecasts on Hard Off Corporation Co., Ltd. stock, see the JP:2674 Stock Forecast page.

Hard Off Corporation Announces Tender Offer for ECONOS Co., Ltd.

Hard Off Corporation Co., Ltd. has announced its decision to initiate a tender offer to acquire ECONOS Co., Ltd., a company involved in the secondhand product market. This strategic move, approved by Hard Off’s Board of Directors, aims to strengthen its market position by increasing its stake in ECONOS, where it already holds a significant share. The acquisition is expected to impact the company’s operations by potentially leading to the delisting of ECONOS from the Sapporo Stock Exchange, which could have implications for stakeholders and the market dynamics in the secondhand retail sector.

Hard Off Corporation Introduces Employee Shareholding Incentive Plan

Hard Off Corporation Co., Ltd. has announced a resolution to dispose of treasury shares as part of a restricted stock incentive plan for its employee shareholding association. This initiative aims to align employee interests with corporate goals by offering them a stake in the company’s future success, thereby enhancing corporate value and supporting employee asset-building efforts.

Hard Off Corporation Reports Record Sales Amid Expansion

Hard Off Corporation reported record-high net sales for the first quarter of FY2026/3, driven by the contribution of newly opened stores. Despite increased sales, operating and ordinary profits decreased due to higher SG&A expenses from opening new stores. The company forecasts continued growth in net sales and profits for the full fiscal year, expecting record highs for the fourth consecutive term. They plan to maintain stable dividends and continue expanding their store network.

Hard Off Corporation Reports Decline in Q1 Profits Despite Sales Growth

Hard Off Corporation Co., Ltd. reported a decrease in profits for the first quarter of the fiscal year ending March 2026, with operating profit down by 18.7% compared to the previous year. Despite a slight increase in net sales, the company’s comprehensive income also fell significantly. The company forecasts modest growth in net sales and profits for the full fiscal year, indicating a cautious outlook amid challenging market conditions.