Kitanotatsujin Corp. (2930) AI Stock Analysis

• Market Cap: ¥17.10B
• Dividend Yield: 2.89%
• Average Volume (3M): 384.39K
• Price to Earnings (P/E): 27.7
• Beta (1Y): 0.72
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: JP
• Employees: 253
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Household & Personal Products
• EPS (TTM): 1.33
• Shares Outstanding: 141,072,000
• 10 Day Avg. Volume: 356,350
• 30 Day Avg. Volume: 384,386
• PEG Ratio: 0.87
• Price to Book (P/B): 2.81
• Price to Sales (P/S): 1.87
• P/FCF Ratio: 13.40
• 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): 5.6
• Revenue Forecast (FY): ¥12.10B

• Rating: 74 Outperform
• Price Target: ¥153.00 ▲(11.68% Upside)
• Action: N/A Date: 01/04/26
• Date: Action: N/A 01/04/26

The score is primarily supported by strong financial quality—especially the near debt-free balance sheet and solid margins—tempered by inconsistent growth and cash-flow variability. Technicals are neutral-to-slightly soft versus longer-term averages, and valuation is reasonable with a supportive dividend yield but not a clear bargain.

Positive Factors

Balance-sheet conservatism

Near-zero leverage and a growing equity base give Kitanotatsujin durable financial flexibility. This reduces refinancing and interest-rate risk, supports steady dividends or buybacks, and allows management to fund capex or M&A opportunistically during downturns without stressing liquidity.

High and sustainable gross margins

Consistently elevated gross margins signal structural product-level profitability and potential pricing power or favorable cost structure. Combined with improving net margins, this supports durable operating cash flow and resilience to input-cost fluctuations over the medium term.

Improved cash generation in 2025

Material improvement in operating cash flow and robust free cash flow in 2025 strengthens the firm's ability to self-fund operations, dividends, and reinvestment. Sustained cash conversion would reduce reliance on external financing and improve long-term capital allocation flexibility.

Negative Factors

Inconsistent revenue growth

Declining revenue and a stop-start growth pattern undermine the durability of profit improvements. Without consistent top-line expansion, operating leverage and margin gains may be harder to sustain, limiting long-term earnings power and the company's ability to scale fixed-cost investments.

Volatile cash conversion and working-capital swings

Material year-to-year swings in operating cash flow driven by working-capital volatility make cash planning and reinvestment less predictable. This elevates execution risk, complicates forecasting, and can force defensive liquidity measures in weaker quarters despite healthy accounting profits.

Profitability normalization vs. prior peaks

While ROE remains healthy, it has retreated from earlier peak years, suggesting prior outperformance may have been cyclical. Normalization reduces margin for error and indicates the firm may face tougher comps and slower growth unless it finds new structural drivers of profitability.

Kitanotatsujin Corp. Business Overview & Revenue Model

Company Description

Kitanotatsujin Corporation plans, develops, manufactures, and sells health foods, cosmetics, and miscellaneous goods in Japan. It offers health foods and beauty products under the J North Farm brand. The company also sell its products through its e-commerce website. Kitanotatsujin Corporation was founded in 2000 and is headquartered in Sapporo, Japan.

How the Company Makes Money

Kitanotatsujin Corp. Financial Statement Overview

Summary

Strong overall quality driven by an exceptionally conservative balance sheet (near zero leverage) and healthy profitability (net margin ~10.2% in 2025 with high gross margins). Offsetting this, revenue declined ~6.2% in 2025 and earnings/cash conversion have been volatile year to year despite improved 2025 cash flow.

Income Statement

Profitability is a clear strength: gross margin has stayed very high (~74%–76%) and operating profitability improved from 2023 to 2025, with net margin rising to ~10.2% in 2025 (from ~6.8% in 2024 and ~3.5% in 2023). However, growth is less consistent—revenue fell ~6.2% in 2025 after modest growth in 2024—and earnings have been volatile versus the peak levels seen in 2020–2022.

Balance Sheet

The balance sheet is exceptionally conservative with essentially no leverage (debt-to-equity ~0.0 in 2025) and a steadily expanding equity base over time. Returns on equity are healthy (~15.3% in 2025, ~14.2% in 2024), though they are below the unusually strong levels achieved in 2020–2022, indicating profitability has normalized even as financial risk remains very low.

Cash Flow

Cash generation strengthened materially in 2025: operating cash flow (~¥1.81B) covered net income well (about 1.47x) and free cash flow (~¥1.65B) was robust, with strong year-over-year improvement. The main weakness is volatility—2023 and 2024 showed much weaker cash conversion (operating cash flow well below net income in those years), suggesting working-capital swings and less predictable near-term cash consistency.

Breakdown	TTM	Feb 2024	Feb 2023	Feb 2022	Feb 2021	Feb 2021
Income Statement
Total Revenue	11.15B	11.83B	14.67B	9.83B	9.51B	9.27B
Gross Profit	8.50B	8.97B	10.83B	7.30B	7.17B	7.02B
EBITDA	1.67B	1.86B	1.64B	661.41M	2.16B	2.05B
Net Income	1.11B	1.21B	994.66M	343.67M	1.34B	1.39B
Balance Sheet
Total Assets	8.79B	9.16B	8.65B	7.78B	7.56B	6.20B
Cash, Cash Equivalents and Short-Term Investments	5.15B	5.70B	4.78B	4.83B	5.21B	3.61B
Total Debt	0.00	0.00	22.53M	52.76M	53.80M	0.00
Total Liabilities	1.06B	1.29B	1.65B	1.59B	1.41B	1.02B
Stockholders Equity	7.73B	7.87B	7.00B	6.19B	6.15B	5.18B
Cash Flow
Free Cash Flow	0.00	1.65B	301.94M	8.48M	1.72B	654.53M
Operating Cash Flow	0.00	1.81B	453.69M	113.64M	1.75B	682.35M
Investing Cash Flow	0.00	-530.93M	-277.77M	-141.01M	197.94M	-609.82M
Financing Cash Flow	0.00	-366.96M	-223.53M	-363.13M	-363.02M	-555.07M

Kitanotatsujin Corp. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
2930	74 Outperform	¥17.10B	27.66	―	2.89%	―	―
4919	71 Outperform	¥84.89B	22.92	7.23%	3.53%	3.05%	-32.61%
7806	70 Outperform	¥230.96B	11.78	―	0.53%	37.49%	370.72%
3180	70 Outperform	¥16.52B	22.67	―	1.11%	13.45%	-5.58%
4923	66 Neutral	¥38.73B	6.92	―	1.81%	0.22%	4.15%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
6630	48 Neutral	¥37.30B	-33.63	―	1.23%	-14.80%	89.50%

Kitanotatsujin Corp. Corporate Events

Kitanotatsujin Invests in Live Commerce Japan to Seize Growth in Emerging Live Commerce Market

Kitanotatsujin Corporation has decided to invest in Live Commerce Japan Co., Ltd. by subscribing to a third‑party allotment of new shares, aiming to strengthen its position in the emerging live commerce segment of Japan’s e‑commerce market. Management believes that combining Live Commerce Japan’s end‑to‑end live commerce expertise and proven “winning patterns” developed in China with Kitanotatsujin’s product development and marketing assets will help secure a leading position in Japanese live commerce, expand new customer acquisition, and enhance corporate value over the medium to long term, although the immediate impact on current fiscal results is expected to be limited.

The most recent analyst rating on (JP:2930) stock is a Buy with a Yen165.00 price target. To see the full list of analyst forecasts on Kitanotatsujin Corp. stock, see the JP:2930 Stock Forecast page.

Kitanotatsujin Highlights Profit Lag and Investment Trade-offs in Advertising-Driven Model

Kitanotatsujin Corporation explained that its earnings structure is based on a three- to four-month lag between upfront advertising expenses and the resulting profit from those newly acquired customers, underscoring that advertising outlays should be viewed as investments rather than simple costs. The company cautioned that quarterly profit fluctuations versus forecasts may be misleading in isolation, noting that profits falling short of expectations can actually signal healthy, ongoing upfront investment in future growth, while profits exceeding forecasts may indicate insufficient advertising investment and potentially weaker long-term expansion, a key consideration for investors evaluating short-term results.

The most recent analyst rating on (JP:2930) stock is a Buy with a Yen160.00 price target. To see the full list of analyst forecasts on Kitanotatsujin Corp. stock, see the JP:2930 Stock Forecast page.

Kitanotatsujin Profit Halves Amid Sales Decline but Maintains Dividend and Full-Year Outlook

Kitanotatsujin Corporation reported a sharp decline in earnings for the nine months ended November 30, 2025, with net sales down 13.2% year on year to ¥8.0 billion and profit attributable to owners of the parent halved to ¥521 million, reflecting significant pressure on operating margins. Despite weaker profitability, the company’s financial position remains solid, with total assets of ¥8.9 billion, an equity ratio of 88.0%, and largely unchanged net assets, and it maintained its full-year forecast, projecting a 13.0% drop in net sales and a roughly 46–48% decline in profits while keeping the annual dividend outlook steady at ¥3.50 per share, signaling a commitment to shareholder returns even amid earnings deterioration.

The most recent analyst rating on (JP:2930) stock is a Buy with a Yen160.00 price target. To see the full list of analyst forecasts on Kitanotatsujin Corp. stock, see the JP:2930 Stock Forecast page.

Kitanotatsujin Enhances Shareholder Benefit Program with New Product Offering

Kitanotatsujin Corporation has announced an enhancement to its shareholder benefit program, effective for the fiscal year ending February 28, 2026. The changes include offering the new ‘YOIPEEL’ soft peeling booster serum to all shareholders holding at least 100 shares, along with vouchers for purchases on their exclusive online store. This initiative aims to increase shareholder engagement and promote the company’s products, potentially boosting its market attractiveness and shareholder loyalty.