BASE FOOD Inc. (JP:2936)
:2936
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BASE FOOD Inc.
(2936)
Select Model
Select Model
Rating:70Outperform
Price Target:
¥356.00
▲(14.84% Upside)
Action:UpgradedDate:01/21/26
The score is driven primarily by improving financial fundamentals (growth, rising margins, and a shift to positive earnings and operating cash flow). Technicals are supportive but show overbought momentum risk, while valuation is a key constraint due to the high P/E and lack of dividend support.
Positive Factors
Sustained Revenue Growth
BASE FOOD has exhibited multi-year revenue expansion and improving gross margins. Durable top-line growth indicates growing product adoption and distribution traction, which supports scalable unit economics and long-term revenue visibility if the company sustains distribution expansion and repeat purchase rates.
Negative Factors
Past Operating Inefficiencies
Historical negative EBIT/EBITDA margins reveal prior structural inefficiencies in operations. If cost structure or fixed-cost leverage re-emerges with growth initiatives, margins could compress again, making sustained profitability contingent on continued execution and scale-related cost improvements.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Revenue Growth
BASE FOOD has exhibited multi-year revenue expansion and improving gross margins. Durable top-line growth indicates growing product adoption and distribution traction, which supports scalable unit economics and long-term revenue visibility if the company sustains distribution expansion and repeat purchase rates.
Read all positive factors
BASE FOOD Inc. (2936) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥17.67B
Dividend YieldN/A
Average Volume (3M)151.08K
Price to Earnings (P/E)48.0
Beta (1Y)0.49
Revenue Growth7.07%
EPS GrowthN/A
CountryJP
Employees128
SectorConsumer Defensive
Sector Strength42
IndustryPackaged Foods
Share Statistics
EPS (TTM)1.72
Shares Outstanding54,752,100
10 Day Avg. Volume275,640
30 Day Avg. Volume151,083
Financial Highlights & Ratios
PEG Ratio-2.61
Price to Book (P/B)30.78
Price to Sales (P/S)2.09
P/FCF Ratio618.82
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
BASE FOOD Inc. Business Overview & Revenue Model
Company Description
BASE FOOD Inc. produces and sells nutritional staple food. It offers bread, pasta, as well as cookies. The company was incorporated in 2016 and is based in Tokyo, Japan....
How the Company Makes Money
The company primarily makes money by selling its BASE FOOD branded products (e.g., BASE BREAD and BASE PASTA). Revenue is generated through (1) direct-to-consumer sales via the company’s own online storefront, including recurring/continuity-style ...
BASE FOOD Inc. Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
75
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Feb 2025 | Feb 2024 | Feb 2023 | Feb 2022 | Feb 2021 |
|---|---|---|---|---|---|---|
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 | 559.92M | 200.47M | -868.35M | -954.14M | -452.30M | -158.05M |
| Net Income | 449.51M | 108.95M | -856.02M | -1.01B | -463.07M | -163.58M |
Balance Sheet | ||||||
| Total Assets | 4.01B | 3.86B | 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 | 2.82B | 2.44B | 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 | -734.34M | -799.98M | -384.43M | -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
Positive
310.00
Price Trends
346.24
Negative
342.45
Negative
395.93
Negative
Market Momentum
-4.01
Negative
47.71
Neutral
53.85
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 310 is below the 20-day moving average (MA) of 327.70, below the 50-day MA of 346.24, and below the 200-day MA of 395.93, indicating a neutral trend. The MACD of -4.01 indicates Negative momentum. The RSI at 47.71 is Neutral, neither overbought nor oversold. The STOCH value of 53.85 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
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | ¥1.12T | 13.07 | 13.07% | 1.82% | 3.64% | 5.31% | |
73 Outperform | ¥661.83B | 14.57 | 9.18% | 1.13% | 3.53% | 4.88% | |
70 Outperform | ¥17.67B | 48.02 | ― | ― | 7.07% | ― | |
70 Outperform | ¥586.21B | 11.01 | ― | 3.15% | -0.88% | -25.64% | |
67 Neutral | ¥51.17B | 11.19 | ― | 3.20% | 4.98% | -10.23% | |
66 Neutral | ¥896.03B | 12.71 | 9.77% | 2.41% | 1.46% | -2.17% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% |
* Consumer Defensive Sector Average
JP:2936
BASE FOOD Inc.
331.00
-240.00
-42.03%
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BASE FOOD Inc. Corporate Events
BASE FOOD Returns to Profit and Raises Operating Outlook Despite Flat Sales
Jan 14, 2026
BASE FOOD reported non-consolidated net sales of ¥11.44 billion for the nine months to November 30, 2025, down 1.2% year on year, but swung from a loss to a modest profit, with operating profit of ¥42 million and net profit of ¥43 m...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.