BASE FOOD Inc. (2936) AI Stock Analysis

• Market Cap: ¥26.22B
• Dividend Yield: N/A
• Average Volume (3M): 231.33K
• Price to Earnings (P/E): 58.0
• Beta (1Y): 0.66
• Revenue Growth: 4.89%
• EPS Growth: N/A
• Country: JP
• Employees: 128
• Sector: Consumer Defensive
• Sector Strength: 64
• Industry: Packaged Foods
• EPS (TTM): -1.88
• Shares Outstanding: 54,651,900
• 10 Day Avg. Volume: 89,470
• 30 Day Avg. Volume: 231,326
• PEG Ratio: N/A
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• 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: ¥545.00
• Price Target Upside: 9.44% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1

• Rating: 72 Outperform
• Price Target: ¥545.00 ▲(9.44% Upside)

BASE FOOD Inc. has a strong financial performance with significant revenue growth and improved profitability, which is the most significant factor contributing to the score. The technical analysis indicates positive market momentum, supporting the financial outlook. However, a high P/E ratio suggests potential overvaluation, which is a risk factor.

BASE FOOD Inc. Business Overview & Revenue Model

Company Description

BASE FOOD Inc. (2936) is a Japanese company specializing in the development and sale of nutritionally balanced food products. The company is renowned for its BASE BREAD and BASE PASTA lines, which are designed to provide essential nutrients while maintaining convenience and taste. Operating in the health and wellness sector, BASE FOOD Inc. aims to offer innovative food solutions that cater to modern lifestyle needs, emphasizing complete nutrition in everyday meals.

How the Company Makes Money

BASE FOOD Inc. generates revenue primarily through the direct sale of its food products, such as BASE BREAD and BASE PASTA, both online and through retail partnerships. The company's revenue streams include e-commerce sales via its website and subscription services, where customers can receive regular shipments of their products. Additionally, BASE FOOD Inc. collaborates with retail partners and distributors to expand its market reach. Key factors contributing to its earnings include the growing consumer demand for health-conscious and convenient food options, as well as the company's ongoing efforts to innovate and expand its product line to attract a wider customer base.

BASE FOOD Inc. Financial Statement Overview

Summary

BASE FOOD Inc. demonstrates strong revenue growth and improved gross profit margins, moving from negative to positive net income. However, historical challenges in operational efficiency and cash flow volatility remain areas for improvement.

Income Statement

BASE FOOD Inc. has demonstrated strong revenue growth over the past few years, with a significant increase from 2021 to 2025. The gross profit margin has also improved, indicating effective cost management. The company has moved from negative to positive net income, showcasing a turnaround in profitability. However, past negative EBIT and EBITDA margins suggest challenges in operational efficiency, though recent figures show improvement.

Balance Sheet

The balance sheet reflects a steady increase in stockholders' equity over the years, highlighting growing financial stability. With a low debt-to-equity ratio and a healthy equity ratio, BASE FOOD Inc. appears to be in a strong position to manage its liabilities. However, the company must continue to focus on maintaining this balance as it scales.

Cash Flow

The cash flow statement shows a significant improvement in operating cash flow, moving from negative to positive territory. The free cash flow has also shown growth, albeit from a negative starting point. The positive trajectory in cash flow to net income ratios indicates enhanced cash generation relative to earnings, though historical volatility in free cash flow suggests a need for ongoing cash management.

Breakdown	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	15.24B	14.87B	9.86B	5.55B	1.52B
Gross Profit	8.38B	7.40B	5.27B	3.27B	876.20M
EBITDA	207.62M	-853.89M	-979.40M	-457.24M	-161.32M
Net Income	108.95M	-856.02M	-1.01B	-463.07M	-163.58M
Balance Sheet
Total Assets	3.85B	3.28B	3.61B	1.59B	500.49M
Cash, Cash Equivalents and Short-Term Investments	1.98B	1.43B	2.30B	837.00M	289.77M
Total Debt	809.69M	508.25M	530.00M	60.00M	61.09M
Total Liabilities	2.81B	2.43B	1.97B	945.73M	367.21M
Stockholders Equity	1.04B	842.46M	1.64B	643.03M	133.28M
Cash Flow
Free Cash Flow	51.56M	-737.74M	-801.18M	-384.63M	-104.11M
Operating Cash Flow	130.43M	-665.90M	-732.92M	-373.07M	-102.65M
Investing Cash Flow	34.93M	-229.44M	-265.40M	-46.12M	-11.56M
Financing Cash Flow	386.88M	29.66M	2.46B	966.42M	379.03M

BASE FOOD Inc. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 498.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:2936, the sentiment is Positive. The current price of 498 is above the 20-day moving average (MA) of 497.25, above the 50-day MA of 473.38, and above the 200-day MA of 473.15, indicating a bullish trend. The MACD of 10.65 indicates Positive momentum. The RSI at 52.96 is Neutral, neither overbought nor oversold. The STOCH value of 30.52 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:2936.

BASE FOOD Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
2915	80 Outperform	¥31.15B	10.57		1.97%	1.16%	-23.94%
2936	72 Outperform	¥26.22B	58.01		―	4.89%	―
2922	70 Outperform	¥25.39B	26.15		1.18%	2.58%	-35.52%
2933	70 Neutral	¥25.71B	10.69		1.75%	4.32%	-27.62%
2819	66 Neutral	¥23.99B	24.58		1.74%	3.96%	-42.78%
2884	63 Neutral	¥22.15B	14.20		―	10.00%	21.02%
Sector *	63 Neutral	$20.98B	14.59	-8.07%	3.13%	2.83%	-9.85%

BASE FOOD Inc. Corporate Events

BASE FOOD, Inc. Reports Increased Sales Amidst Ongoing Losses

BASE FOOD, Inc. reported a 7.7% increase in net sales for the three months ending May 31, 2025, compared to the same period last year. Despite this growth, the company experienced a net loss, although it was reduced compared to the previous year. The company forecasts a 14.2% increase in net sales and a significant improvement in operating profit for the fiscal year ending February 28, 2026, indicating a positive outlook for future performance.