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BASE FOOD Inc.
(2936)
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Rating:54Neutral
Price Target:
¥288.00
▼(-7.10% Downside)
Action:Reiterated
Date:06/06/26
The score is driven primarily by improving fundamentals (return to profitability and positive cash flow), but is held back by the recent revenue decline and an expensive valuation (high P/E with no dividend support). Technicals are mixed, with some near-term strength but a still-weak longer-term trend.
Positive Factors
Profitability & Cash Generation
BASE FOOD returned to operating profit and saw operating and free cash flow turn positive in 2025 and strengthen in 2026. Durable cash generation reduces refinancing risk, funds working capital and marketing, and provides capital to sustain DTC subscriptions and retail growth without constant external funding.
Negative Factors
Top-line Stagnation
Revenue stalled and edged down in 2026, undermining the scalability of recent margin and cash-flow improvements. If top-line growth remains weak, fixed-cost absorption and subscription economics may deteriorate, making profits and cash generation more vulnerable to competitive or marketing pressures.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability & Cash Generation
BASE FOOD returned to operating profit and saw operating and free cash flow turn positive in 2025 and strengthen in 2026. Durable cash generation reduces refinancing risk, funds working capital and marketing, and provides capital to sustain DTC subscriptions and retail growth without constant external funding.
Read all positive factors
BASE FOOD Inc. (2936) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥15.16B
Dividend YieldN/A
Average Volume (3M)151.08K
Price to Earnings (P/E)57.8
Beta (1Y)0.37
Revenue Growth-0.33%
EPS Growth155.06%
CountryJP
Employees115
SectorConsumer Defensive
Sector Strength42
IndustryFood Confectioners
Share Statistics
EPS (TTM)4.91
Shares Outstanding54,752,100
10 Day Avg. Volume275,640
30 Day Avg. Volume151,083
Financial Highlights & Ratios
PEG Ratio0.54
Price to Book (P/B)14.36
Price to Sales (P/S)1.28
P/FCF Ratio145.13
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. develops and sells nutritional food in Japan. It offers bread, pasta, cookies, pancake mix, and yakisoba. The company sells its products through company-owned e-commerce, other e-commerce platforms, and wholesale channels. The compa...
How the Company Makes Money
The company primarily makes money by selling BASE FOOD-branded products (e.g., BASE BREAD and BASE PASTA) to consumers and to retail/wholesale partners. A key revenue stream is direct-to-consumer e-commerce sales, including recurring/subscription-...
BASE FOOD Inc. Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
62
Positive
Cash Flow
56
Neutral
| Breakdown | Feb 2026 | Feb 2025 | Feb 2024 | Feb 2023 | Feb 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 15.19B | 15.24B | 14.87B | 9.86B | 5.55B |
| Gross Profit | 8.60B | 8.38B | 7.40B | 5.27B | 3.27B |
| EBITDA | 283.73M | 200.47M | -868.35M | -954.14M | -452.30M |
| Net Income | 262.37M | 108.95M | -856.02M | -1.01B | -463.07M |
Balance Sheet | |||||
| Total Assets | 4.01B | 3.86B | 3.28B | 3.61B | 1.59B |
| Cash, Cash Equivalents and Short-Term Investments | 1.89B | 1.98B | 1.43B | 2.30B | 837.00M |
| Total Debt | 641.65M | 809.69M | 508.25M | 530.00M | 60.00M |
| Total Liabilities | 2.66B | 2.82B | 2.44B | 1.97B | 945.73M |
| Stockholders Equity | 1.36B | 1.04B | 842.46M | 1.64B | 643.03M |
Cash Flow | |||||
| Free Cash Flow | 134.09M | 51.56M | -734.34M | -799.98M | -384.43M |
| Operating Cash Flow | 255.42M | 130.43M | -665.90M | -732.92M | -373.07M |
| Investing Cash Flow | -239.96M | 34.93M | -229.44M | -265.40M | -46.12M |
| Financing Cash Flow | -111.72M | 386.88M | 29.66M | 2.46B | 966.42M |
BASE FOOD Inc. Technical Analysis
Negative
310.00
Price Trends
298.88
Negative
320.49
Negative
347.00
Negative
Market Momentum
-6.35
Negative
44.92
Neutral
59.65
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 310 is above the 20-day moving average (MA) of 287.90, above the 50-day MA of 298.88, and below the 200-day MA of 347.00, indicating a bearish trend. The MACD of -6.35 indicates Negative momentum. The RSI at 44.92 is Neutral, neither overbought nor oversold. The STOCH value of 59.65 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
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | ¥1.04T | 14.32 | 13.07% | 1.82% | 5.72% | 13.85% | |
73 Outperform | ¥636.51B | 14.86 | 9.18% | 1.13% | 5.55% | 17.29% | |
69 Neutral | ¥534.89B | 17.15 | ― | 3.15% | 1.59% | -3.14% | |
67 Neutral | ¥45.25B | 8.43 | ― | 3.20% | 5.11% | 100.02% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
54 Neutral | ¥15.16B | 57.84 | ― | ― | -0.33% | 155.06% | |
53 Neutral | ¥814.03B | 17.53 | 9.77% | 2.41% | 1.49% | -14.60% |
* Consumer Defensive Sector Average
JP:2936
BASE FOOD Inc.
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BASE FOOD Inc. Corporate Events
BASE FOOD Lifts Profitability in FY2026 but Signals Earnings Squeeze Ahead
Apr 14, 2026
BASE FOOD reported flat net sales of ¥15.19 billion for the fiscal year ended February 28, 2026, but sharply improved profitability, with operating profit up 59.3% to ¥217 million and net profit more than doubling to ¥262 million. P...
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.