Alpen Co., Ltd. (3028) AI Stock Analysis

• Market Cap: ¥76.68B
• Dividend Yield: 2.11%
• Average Volume (3M): 105.95K
• Price to Earnings (P/E): 10.3
• Beta (1Y): 0.19
• Revenue Growth: 6.04%
• EPS Growth: 93.19%
• Country: JP
• Employees: 3,127
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Specialty Retail
• EPS (TTM): N/A
• Shares Outstanding: 38,888,000
• 10 Day Avg. Volume: 80,280
• 30 Day Avg. Volume: 105,950
• PEG Ratio: 0.07
• Price to Book (P/B): 0.75
• Price to Sales (P/S): 0.34
• P/FCF Ratio: 36.12
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 63 Neutral
• Price Target: ¥2,440.00 ▲(6.04% Upside)
• Action: Reiterated Date: 10/29/25
• Date: Action: Reiterated 10/29/25

Alpen Co., Ltd. has a solid financial foundation with strong revenue growth and a stable balance sheet, which is the most significant factor in its overall score. The technical analysis indicates a bearish trend, which weighs down the score. The valuation is reasonable, with a fair P/E ratio and a decent dividend yield, providing some support to the stock's attractiveness.

Positive Factors

Revenue Growth

Consistent mid-single-digit revenue growth indicates steady demand for Alpen's sports and outdoor offerings. Over the next 2-6 months this supports predictable top-line expansion, enables reinvestment in stores and omnichannel capabilities, and reduces execution risk versus cyclical peers.

Balance Sheet Strength

A low debt-to-equity ratio and stable equity position provide financial flexibility to fund capex, inventory and strategic initiatives without stressing liquidity. This prudent capital structure supports resilience through seasonal cycles and enables selective investment over the medium term.

Improving Cash Generation

Material improvement in free cash flow and efficient conversion of income into operating cash strengthens internal funding capacity. Durable cash generation allows Alpen to fund store refreshes, inventory, and dividends while lowering dependence on external financing over coming quarters.

Negative Factors

Low Net Profit Margin

A relatively low net margin signals limited ability to convert gross profit into bottom-line earnings, reflecting cost or pricing pressure. Persistently thin margins constrain free cash flow potential and reduce the buffer against input cost inflation or competitive discounting in the medium term.

Volatile Free Cash Flow Conversion

Volatility in converting accounting net income into free cash flow suggests episodic working-capital swings or capex timing differences. This unpredictability complicates planning for dividends, buybacks or reinvestment, raising execution risk for strategic initiatives over the next several quarters.

Equity-Heavy Funding Mix

A funding mix skewed toward equity limits use of leverage benefits for growth and may dilute returns on invested capital. Over time this can restrain accelerated expansion or margin-enhancing investments compared with peers that efficiently deploy modest debt.

Alpen Co., Ltd. Business Overview & Revenue Model

Company Description

Alpen Co., Ltd. engages in the manufacture and retail sale of sporting and leisure equipment in Japan. It offers ski equipment; and other sporting goods equipment, including golf, tennis, marine sports, baseball, etc. The company's products include general sports goods and apparel, sports casual apparel, helmets, hats, skis, ski bags, snowboards, snowshoes, snow goggles, sunglasses, and other accessories. It also offers tents, sun shelters, sleeping gears, furniture, lighting equipment, burning/combustion appliances, cooking supplies, sacks, bags, trekking wear, rainwear, outdoor tools, and trekking tools, as well as golf wear, trousers, polo shirts clubs, bags, shoes, balls, hats, sun visors, and accessories. In addition, the company provides winter products, including snowboard binding, board boots, goggles, bag accessories, tune up tools, deck pads, ski boards, ski boots, ski poles, board wear, ski wears, knitted hats, gloves, inner wears, and fleece wears; and casual products, such as down wears, parkers, sweat shirts, jackets, denim pants, T-shirts, tank tops, high-neck shirts, pants, cut and sew apparel, skirts, ensemble, dresses, scarves, gloves, and track jackets. Further, it offers marine sport products comprising rash guards, swimsuits, sandals, and beach sandals; and accessories consisting of belts, tool sets, knick-knacks, stickers, badges, mobile phone goods, socks, chairs, wristbands, key holders, knives, pet bottle carrying cases, tote bags, shoulder bags, coin cases, pouches, wallet chains, chains, and negative ion rings. Additionally, it manages ski resorts, golf courses, and fitness clubs. The company operates primarily under the IGNIO, TIGORA, FABLICE, Hart, Folio, KAZAMA, Southfield, TOBUNDA, Coraggio, Kolwin, Fitway, and Kissmark brand names. As of June 30, 2020, it operated 144 stores under the Alpen and Sports Depot; and 196 stores under the Golf 5 name. Alpen Co., Ltd. was founded in 1972 and is headquartered in Nagoya, Japan.

How the Company Makes Money

Alpen Co., Ltd. generates revenue through multiple key streams, including the sale of sporting goods and outdoor equipment through its retail stores and online platforms. The company operates a chain of retail outlets across Japan, where it markets its products directly to consumers. Additionally, Alpen Co., Ltd. earns revenue from wholesale distribution agreements with various regional and international retailers. The company also engages in partnerships with sports organizations and events, which can provide sponsorship income and enhance brand visibility. Seasonal trends, especially during winter sports seasons, significantly impact sales, contributing to fluctuations in revenue. Overall, the company's diverse product offerings and strategic retail and distribution channels play a crucial role in its financial performance.

Alpen Co., Ltd. Financial Statement Overview

Summary

Alpen Co., Ltd. exhibits solid financial performance with strong revenue growth and a stable balance sheet. The company has improved its cash flow position, although there are areas for improvement in profitability and cash flow consistency. The low leverage and healthy equity position provide a stable foundation for future growth, but attention to cost management and cash flow sustainability will be crucial.

Income Statement

Alpen Co., Ltd. has demonstrated strong revenue growth with a 0.802% increase in the latest year, indicating a positive trajectory. The gross profit margin remains healthy, and there is a notable improvement in EBIT and EBITDA margins compared to previous years. However, the net profit margin is relatively low, suggesting room for improvement in cost management or pricing strategies.

Balance Sheet

The company's balance sheet shows a stable equity position with a low debt-to-equity ratio, indicating prudent financial management. Return on equity is moderate, reflecting consistent profitability. However, the equity ratio suggests that there is a significant reliance on equity financing, which could limit leverage opportunities.

Cash Flow

Alpen Co., Ltd. has shown a significant improvement in free cash flow, with a positive growth rate indicating better cash management. The operating cash flow to net income ratio is strong, suggesting efficient conversion of income into cash. However, the free cash flow to net income ratio has been volatile, highlighting potential challenges in sustaining cash flow generation.

Breakdown	Jun 2024	Jun 2023	Jun 2022	Jun 2021	Jun 2020
Income Statement
Total Revenue	268.65B	252.94B	244.54B	232.33B	233.22B
Gross Profit	107.56B	98.07B	94.22B	92.52B	98.80B
EBITDA	14.71B	9.08B	10.90B	12.83B	20.66B
Net Income	5.57B	1.73B	5.47B	5.31B	10.77B
Balance Sheet
Total Assets	208.99B	203.58B	186.50B	193.30B	207.91B
Cash, Cash Equivalents and Short-Term Investments	15.15B	18.84B	18.24B	29.06B	57.16B
Total Debt	11.77B	14.28B	6.28B	13.67B	25.23B
Total Liabilities	87.84B	86.34B	70.80B	81.97B	99.10B
Stockholders Equity	121.14B	117.24B	115.70B	111.33B	108.81B
Cash Flow
Free Cash Flow	2.53B	-3.21B	157.00M	-8.56B	43.14B
Operating Cash Flow	9.08B	5.71B	5.79B	-4.70B	46.88B
Investing Cash Flow	-8.57B	-10.51B	-6.75B	-7.55B	-5.75B
Financing Cash Flow	-3.44B	5.39B	-9.87B	-15.92B	-4.76B

Alpen Co., Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2301.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:3028, the sentiment is Negative. The current price of 2301 is above the 20-day moving average (MA) of 2136.40, above the 50-day MA of 2182.80, and above the 200-day MA of 2282.79, indicating a bearish trend. The MACD of -37.03 indicates Positive momentum. The RSI at 30.37 is Neutral, neither overbought nor oversold. The STOCH value of 27.14 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:3028.

Alpen Co., Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
8022	74 Outperform	¥260.93B	11.87	10.61%	1.81%	5.29%	16.34%
3092	65 Neutral	$960.48B	17.87	49.14%	2.82%	6.80%	0.62%
3028	63 Neutral	¥76.68B	10.29	―	2.11%	6.04%	93.19%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
8281	60 Neutral	¥44.92B	15.79	―	3.31%	0.88%	-138.66%
7514	43 Neutral	¥10.31B	-8.39	―	3.08%	3.31%	-94.69%
4755	41 Neutral	¥1.62T	-12.21	-21.14%	―	11.45%	42.34%

Alpen Co., Ltd. Corporate Events

Alpen Reports Progress on Share Sales via Impact Neutralization Trust

Alpen Co., Ltd. reported that its Impact Neutralization Trust sold 459,900 shares of the company’s common stock on the auction market between February 1 and February 28, 2026, generating proceeds of about ¥1.01 billion. This transaction is part of a broader board-approved framework that allows up to 2.5 million shares to be handled through the trust from December 24, 2025 to July 1, 2026.

Under this framework, the trust had previously acquired 2,330,000 shares via off-floor trading on December 26, 2025, and by February 28, 2026 it had sold a total of 857,500 shares for roughly ¥1.90 billion. The ongoing use of the Impact Neutralization Trust underscores Alpen’s active management of its share base and capital structure, with potential implications for share liquidity and the composition of its shareholder base over the trust period.

The most recent analyst rating on (JP:3028) stock is a Hold with a Yen2531.00 price target. To see the full list of analyst forecasts on Alpen Co., Ltd. stock, see the JP:3028 Stock Forecast page.

Alpen Posts Higher Sales but Lower Profits in First Half, Keeps Full-Year Outlook and Dividend Plan

Alpen Co., Ltd. reported consolidated net sales of ¥137.2 billion for the six months ended December 31, 2025, a 5.2% year-on-year increase, while operating profit fell 23.1% to ¥3.7 billion and profit attributable to owners of parent declined 25.4% to ¥2.8 billion, reflecting margin pressure despite higher sales. The company’s equity ratio decreased from 58.8% to 53.8% as net assets fell to ¥117.2 billion, and it confirmed an interim dividend of ¥25 per share with a full-year dividend forecast unchanged at ¥50, while maintaining full-year guidance for modest growth in both sales and profit, signaling stable but slowing earnings momentum for shareholders and other stakeholders.

The most recent analyst rating on (JP:3028) stock is a Hold with a Yen2531.00 price target. To see the full list of analyst forecasts on Alpen Co., Ltd. stock, see the JP:3028 Stock Forecast page.

Alpen Discloses Progress of Share Sales via Impact Neutralization Trust

Alpen Co., Ltd. reported the progress of share sales conducted via an Impact Neutralization Trust that was set up following a board resolution in December 2025. Between January 6 and January 31, 2026, the trust sold 397,600 shares of Alpen common stock on the stock exchange’s auction market, generating proceeds of approximately ¥885.3 million, as part of a broader framework that allowed for up to 2.5 million shares to be sold during the trust period running through July 1, 2026. The trust had previously acquired 2.33 million Alpen shares via off-floor trading on the Tokyo Stock Exchange, and this latest disclosure clarifies the scale and pace of subsequent disposals, offering investors greater transparency into the company’s share-related transactions and their potential impact on liquidity and ownership structure.

The most recent analyst rating on (JP:3028) stock is a Hold with a Yen2531.00 price target. To see the full list of analyst forecasts on Alpen Co., Ltd. stock, see the JP:3028 Stock Forecast page.

Alpen Completes Trust-Based Off-Floor Share Acquisition Equal to 6.04% of Outstanding Stock

Alpen Co., Ltd. announced that a trust established as an Impact Neutralization Trust has completed the acquisition of the company’s shares through off-floor trading (ToSTNeT-2) on the Tokyo Stock Exchange. The trust purchased 2,330,000 shares of Alpen’s common stock on December 26, 2025, representing 6.04% of the company’s issued shares excluding treasury stock, for a total of 5,540,740,000 yen, thereby completing all stock purchases authorized by the board resolution of December 24, 2025 and coming in below the previously announced upper limit of 2,500,000 shares. This move consolidates a significant portion of Alpen’s equity under the trust structure, which may affect the company’s capital policy, share liquidity, and ownership profile by neutralizing the market impact of share acquisitions and providing greater stability to its shareholder base.

The most recent analyst rating on (JP:3028) stock is a Hold with a Yen2440.00 price target. To see the full list of analyst forecasts on Alpen Co., Ltd. stock, see the JP:3028 Stock Forecast page.

Alpen Launches Impact Neutralization Trust to Buy Back Up to 2.5 Million Shares via ToSTNeT-2

Alpen Co., Ltd. has established an Impact Neutralization Trust to purchase up to 2.5 million of its own common shares, representing about 6.48% of issued shares excluding treasury stock, through an off-floor ToSTNeT-2 transaction on the Tokyo Stock Exchange at the December 25 closing price of ¥2,378. The initiative aims to strengthen corporate governance by diversifying the shareholder base and improving the free float ratio, while mitigating potential market supply-demand distortions that could arise if major shareholders were to sell large blocks of shares, thereby supporting trading stability and liquidity for existing investors.

The most recent analyst rating on (JP:3028) stock is a Hold with a Yen2440.00 price target. To see the full list of analyst forecasts on Alpen Co., Ltd. stock, see the JP:3028 Stock Forecast page.

Alpen Sets Up Trust to Gradually Unwind Major Shareholder Stake and Boost Free Float

Alpen Co., Ltd. has resolved to establish an “Impact Neutralization Trust” as a mechanism to gradually place into the market a portion of shares held by its chairman, who owns a significant stake in the company, in order to increase the number of free-float shares. Using its own funds, the company will acquire these shares via off-floor trading on the Tokyo Stock Exchange and then have the trust sell them in stages, with proceeds periodically returned to Alpen, thereby diversifying the shareholder base, strengthening compliance with Prime Market listing criteria, and improving share liquidity while limiting sudden market impact and supporting enhanced corporate governance and corporate value over time.

The most recent analyst rating on (JP:3028) stock is a Hold with a Yen2440.00 price target. To see the full list of analyst forecasts on Alpen Co., Ltd. stock, see the JP:3028 Stock Forecast page.