HONEYS HOLDINGS CO. LTD. (2792) AI Stock Analysis

• Market Cap: ¥41.38B
• Dividend Yield: 3.62%
• Average Volume (3M): 60.48K
• Price to Earnings (P/E): 12.0
• Beta (1Y): 0.32
• Revenue Growth: -0.98%
• EPS Growth: -29.86%
• Country: JP
• Employees: 6,105
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Apparel - Retail
• EPS (TTM): N/A
• Shares Outstanding: 27,900,000
• 10 Day Avg. Volume: 49,420
• 30 Day Avg. Volume: 60,483
• PEG Ratio: -0.48
• Price to Book (P/B): 0.95
• Price to Sales (P/S): 0.74
• P/FCF Ratio: 14.69
• 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: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 72 Outperform
• Price Target: ¥1,696.00 ▲(10.99% Upside)

The score is driven primarily by strong financial stability (debt-free balance sheet, solid gross margins) and supportive valuation (modest P/E with a ~3.6% dividend yield). These positives are tempered by cooling profitability and uneven growth/cash-flow consistency, while technicals are mildly positive rather than strongly bullish.

Positive Factors

Debt-Free Balance Sheet

A debt-free balance sheet provides significant financial flexibility and lowers risk, especially in a cyclical retail industry.

Strong Gross Margins

High gross margins indicate effective cost management and pricing power, supporting profitability in a competitive market.

Equity Growth

Growing equity and healthy returns on equity suggest a solid foundation for long-term shareholder value creation.

Negative Factors

Declining Revenue Growth

Declining revenue growth indicates potential challenges in maintaining market share and demand, impacting future earnings.

Cooling Profitability

Decreasing margins suggest reduced profitability, which could limit reinvestment capacity and shareholder returns.

Volatile Cash Flow

Volatile cash flow raises concerns about the company's ability to consistently fund operations and investments.

HONEYS HOLDINGS CO. LTD. Business Overview & Revenue Model

Company Description

Honeys Holdings Co., Ltd. engages in the planning, manufacture, and retail of women's apparel and accessories. It offers its products under the GLACIER, Gracia, Cinema club, and Colza brand names. The company operates a network of 873 stores under the Honeys, Cinema Club, Honey's Dee, and Crossover brand names in Japan. It also operates online shopping sites. The company was formerly known as Honeys Co. Ltd. and changed its name to Honeys Holdings Co., Ltd. in March 2017. Honeys Holdings Co., Ltd. was incorporated in 1978 and is headquartered in Iwaki, Japan.

How the Company Makes Money

HONEYS HOLDINGS CO. LTD. generates revenue primarily through the sale of women's clothing and accessories in its retail stores. The company's revenue model is based on direct sales to consumers, both through its physical retail outlets and its online platform. Key revenue streams include the sale of various fashion items such as tops, bottoms, dresses, and outerwear, along with accessories like bags and shoes. The company benefits from economies of scale by leveraging its extensive network of retail locations and efficient supply chain management. Additionally, HONEYS may engage in strategic partnerships with suppliers and designers to enhance product offerings and maintain competitive pricing. Seasonal promotions, loyalty programs, and marketing campaigns also contribute to driving customer traffic and increasing sales.

HONEYS HOLDINGS CO. LTD. Financial Statement Overview

Summary

Strong financial quality overall, led by a debt-free balance sheet (high flexibility and lower risk) and consistently strong gross margins (~58–61%). Offsetting factors include a step-down in operating/net margins since the 2023 peak, uneven revenue trend (slight decline in 2025), and historically lumpy free cash flow (including negative FCF in 2024 despite improvement in 2025).

Income Statement

Profitability remains solid for apparel retail, supported by consistently strong gross margins (~58–61%). However, earnings power has cooled: operating and net margins peaked in 2023 and stepped down in 2024–2025, with net margin falling from ~9.7% (2023) to ~6.5% (2025). Revenue growth has been uneven—strong rebound in 2022–2023, modest growth in 2024, then a slight decline in 2025—suggesting demand normalization and some pressure on operating leverage.

Balance Sheet

The balance sheet is a clear strength: the company carries no debt across the periods shown, providing significant financial flexibility and lowering risk in a cyclical retail category. Equity has grown over time and the business generates a healthy return on equity (generally high-single to low-double digits), though returns have eased from the 2023 peak as profitability moderated.

Cash Flow

Cash generation is mixed. Operating cash flow and free cash flow can be strong (notably 2021 and 2023), but volatility is material—free cash flow turned negative in 2020 and again in 2024, and cash conversion versus accounting earnings weakened in those years. 2025 shows a recovery to positive free cash flow and improved cash conversion, but the variability raises execution and working-capital/investment timing risk.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	57.29B	57.70B	56.57B	54.89B	47.70B	45.37B
Gross Profit	34.26B	34.15B	34.09B	33.43B	28.74B	26.83B
EBITDA	7.09B	7.24B	8.14B	8.80B	6.07B	4.76B
Net Income	3.44B	3.73B	4.88B	5.34B	3.26B	2.40B
Balance Sheet
Total Assets	53.20B	53.00B	52.84B	50.14B	46.58B	43.17B
Cash, Cash Equivalents and Short-Term Investments	14.64B	13.36B	12.86B	16.36B	12.54B	13.67B
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	7.81B	8.29B	8.04B	9.39B	8.82B	7.45B
Stockholders Equity	45.39B	44.71B	44.80B	40.75B	37.75B	35.71B
Cash Flow
Free Cash Flow	0.00	2.89B	-1.96B	5.16B	839.33M	5.92B
Operating Cash Flow	0.00	4.92B	2.13B	6.81B	2.21B	7.71B
Investing Cash Flow	0.00	-2.26B	-4.20B	-1.78B	-2.47B	-1.88B
Financing Cash Flow	0.00	-1.53B	-1.53B	-1.12B	-837.40M	-978.62M

HONEYS HOLDINGS CO. LTD. Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 1528.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:2792, the sentiment is Neutral. The current price of 1528 is above the 20-day moving average (MA) of 1483.85, above the 50-day MA of 1505.86, and above the 200-day MA of 1507.71, indicating a neutral trend. The MACD of -8.98 indicates Positive momentum. The RSI at 47.37 is Neutral, neither overbought nor oversold. The STOCH value of 51.12 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for JP:2792.

HONEYS HOLDINGS CO. LTD. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
7606	74 Outperform	¥70.10B	19.07	―	2.73%	10.48%	-34.38%
2792	72 Outperform	¥41.38B	12.03	―	3.62%	-0.98%	-29.86%
8008	67 Neutral	¥39.53B	24.26	―	4.71%	48.00%	16.54%
8185	66 Neutral	¥34.27B	16.70	―	4.07%	-9.86%	-14.02%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
3548	53 Neutral	¥28.63B	-17.78	―	4.99%	-7.21%	-5127.88%
7494	47 Neutral	¥8.32B	17.58	―	4.13%	-10.82%	―

HONEYS HOLDINGS CO. LTD. Corporate Events

HONEYS HOLDINGS Posts Lower Interim Profit but Maintains Dividend and Cautious Outlook

HONEYS HOLDINGS reported a 2.0% year-on-year decline in net sales to ¥28.9 billion for the six months ended November 30, 2025, with operating income down 17.0% and profit attributable to owners of parent falling 14.9%, reflecting pressure on profitability despite a strong rise in comprehensive income driven by valuation gains. The company’s financial position remains solid, with total assets increasing and an equity ratio of 84.7%, and it plans to maintain a total annual dividend of ¥55.00 per share for the fiscal year ending May 31, 2026, while forecasting slightly lower full-year sales and profits, signaling a cautious outlook amid a challenging operating environment but continued shareholder returns.

The most recent analyst rating on (JP:2792) stock is a Buy with a Yen1696.00 price target. To see the full list of analyst forecasts on HONEYS HOLDINGS CO. LTD. stock, see the JP:2792 Stock Forecast page.