BASE FOOD Inc. (2936) AI Stock Analysis

• Market Cap: ¥18.15B
• Dividend Yield: N/A
• Average Volume (3M): 151.08K
• Price to Earnings (P/E): 31.7
• Beta (1Y): 0.50
• Revenue Growth: 7.07%
• EPS Growth: N/A
• Country: JP
• Employees: 128
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Packaged Foods
• EPS (TTM): 0.97
• Shares Outstanding: 54,752,100
• 10 Day Avg. Volume: 275,640
• 30 Day Avg. Volume: 151,083
• PEG Ratio: -2.61
• Price to Book (P/B): 30.78
• Price to Sales (P/S): 2.09
• P/FCF Ratio: 618.82
• 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: Hold
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 57 Neutral
• Price Target: ¥467.00 ▲(37.35% Upside)

The overall stock score is primarily influenced by strong financial performance, despite historical challenges. However, technical indicators suggest bearish momentum, and the high P/E ratio indicates overvaluation, which are significant risks.

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. shows strong revenue growth and improved profitability, with a transition to positive net income and cash flows. The balance sheet is stable with low debt, but historical challenges in operational efficiency and cash flow volatility need attention.

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	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	15.52B	15.24B	14.87B	9.86B	5.55B	1.52B
Gross Profit	8.69B	8.38B	7.40B	5.27B	3.27B	876.20M
EBITDA	567.09M	207.62M	-853.89M	-979.40M	-457.24M	-161.32M
Net Income	449.51M	108.95M	-856.02M	-1.01B	-463.07M	-163.58M
Balance Sheet
Total Assets	4.01B	3.85B	3.28B	3.61B	1.59B	500.49M
Cash, Cash Equivalents and Short-Term Investments	2.09B	1.98B	1.43B	2.30B	837.00M	289.77M
Total Debt	767.68M	809.69M	508.25M	530.00M	60.00M	61.09M
Total Liabilities	3.06B	2.81B	2.43B	1.97B	945.73M	367.21M
Stockholders Equity	954.73M	1.04B	842.46M	1.64B	643.03M	133.28M
Cash Flow
Free Cash Flow	0.00	51.56M	-737.74M	-801.18M	-384.63M	-104.11M
Operating Cash Flow	0.00	130.43M	-665.90M	-732.92M	-373.07M	-102.65M
Investing Cash Flow	0.00	34.93M	-229.44M	-265.40M	-46.12M	-11.56M
Financing Cash Flow	0.00	386.88M	29.66M	2.46B	966.42M	379.03M

BASE FOOD Inc. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 340.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• 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 Negative. The current price of 340 is below the 20-day moving average (MA) of 364.25, below the 50-day MA of 425.54, and below the 200-day MA of 483.81, indicating a bearish trend. The MACD of -26.43 indicates Negative momentum. The RSI at 35.61 is Neutral, neither overbought nor oversold. The STOCH value of 26.09 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:2936.

BASE FOOD Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
2884	73 Outperform	¥15.82B	10.07	―	―	3.07%	50.05%
2915	72 Outperform	¥30.06B	10.20	―	2.27%	1.16%	-23.94%
2819	67 Neutral	¥23.09B	23.65	―	1.86%	3.96%	-42.78%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
2922	62 Neutral	¥24.51B	25.24	―	1.28%	2.58%	-35.52%
2933	59 Neutral	¥24.43B	10.16	―	1.88%	4.32%	-27.62%
2936	57 Neutral	¥18.15B	31.75	―	―	7.07%	―

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.