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): 0.70
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: JP
• Employees: 253
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Household & Personal Products
• EPS (TTM): 1.20
• 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

Very conservative balance sheet

Near-zero leverage and a growing equity base materially reduce financial risk and increase strategic optionality over the medium term. This durable strength supports capital allocation for dividends, buybacks, or selective investment without threatening solvency in downturns.

High and stable gross margins

Sustained gross margins near the mid-70s percent reflect structural product-level pricing power or a low-cost model. That margin buffer supports operating profitability through revenue volatility and underpins long-term margin sustainability absent major cost shocks.

Strong cash generation in 2025

Material improvement in operating and free cash flow in 2025 indicates the company can convert earnings into real cash to fund returns and reinvestment. If sustained, this strengthens balance-sheet resilience and funds capital allocation without needing external financing.

Negative Factors

Inconsistent revenue growth

Durable growth is uneven: recent revenue decline and multi-year variability limit predictability for scaling the business. Persistent top-line weakness constrains long-term investment, reduces operating leverage benefits, and raises execution risk for expansion strategies.

Volatile cash-flow conversion

Significant year-to-year swings in cash conversion driven by working-capital moves hamper forecasting and make funding capital needs less reliable. This volatility raises the chance that future dividends or investments require retained earnings buffering or external financing.

Returns normalized from earlier peaks

ROE retreat from peak years suggests the company hit an easier era of higher returns that has since normalized. That structural reversion may indicate weaker secular growth or reduced operating leverage, limiting potential for sustained above-market 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

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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	7.00B
EBITDA	1.65B	1.84B	1.59B	638.89M	2.17B	2.05B
Net Income	1.11B	1.21B	994.66M	343.67M	1.34B	1.39B
Balance Sheet
Total Assets	8.79B	9.18B	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	37.76M	53.80M	0.00
Total Liabilities	1.06B	1.31B	1.66B	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	373.39M	15.89M	1.73B	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
7806	79 Outperform	¥242.79B	11.78	―	0.53%	37.49%	370.72%
2930	74 Outperform	¥17.10B	27.66	―	2.89%	―	―
4919	71 Outperform	¥84.86B	22.92	7.23%	3.53%	3.05%	-32.61%
4923	66 Neutral	¥41.99B	6.92	―	1.81%	0.22%	4.15%
3180	64 Neutral	¥18.01B	22.30	―	1.11%	13.45%	-5.58%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
6630	48 Neutral	¥38.02B	-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.