Fujibo Holdings, Inc. (3104) AI Stock Analysis

• Market Cap: ¥108.38B
• Dividend Yield: 1.79%
• Average Volume (3M): 50.27K
• Price to Earnings (P/E): 20.8
• Beta (1Y): 0.92
• Revenue Growth: 10.76%
• EPS Growth: 54.82%
• Country: JP
• Employees: 1,299
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Apparel - Manufacturers
• EPS (TTM): N/A
• Shares Outstanding: 11,354,000
• 10 Day Avg. Volume: 56,150
• 30 Day Avg. Volume: 50,273
• PEG Ratio: 0.10
• Price to Book (P/B): 1.14
• Price to Sales (P/S): 1.27
• P/FCF Ratio: 29.63
• 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: 75 Outperform
• Price Target: ¥9,686.00 ▲(16.98% Upside)

The score is primarily driven by strong financial performance (robust growth, healthy margins, and a very low-leverage balance sheet). Technicals are mixed with short-term weakness but a supportive longer-term trend, while valuation is reasonable but not especially compelling given a P/E of 20.58 and a 1.68% dividend yield.

Positive Factors

Very low leverage and high equity ratio

Extremely low leverage and a 71% equity ratio provide durable financial flexibility: lowers insolvency risk, supports capital allocation choices (M&A, investment, dividends), and preserves borrowing capacity during downturns, strengthening long-term resilience.

Consistent revenue growth

Near-19% top-line growth indicates sustained demand or successful execution across cycles. Durable revenue expansion supports scale benefits, reinvestment capacity and margin retention, underpinning the company's ability to fund growth initiatives over the medium term.

Healthy operating and net margins

Robust gross and EBIT margins reflect operational efficiency and pricing power in apparel manufacturing. Sustained margin levels imply structural cost control and product mix advantages that support long-term profitability and the capacity to absorb input cost volatility.

Negative Factors

Weak free-cash-flow conversion

FCF converts to only ~41% of net income, indicating earnings do not readily translate into cash available for shareholders or reinvestment. Over time this constrains dividends, buybacks, and organic investment unless conversion improves or financing strategies change.

Significant capital expenditure pressure

Material capex is suppressing free cash flow despite positive operating performance. Persistent investment demand can limit discretionary cash, increase funding needs, and delay return of capital to shareholders, creating a multi-quarter headwind to cash returns.

Moderate ROE given minimal leverage

ROE under 10% despite almost no debt suggests the company may not be fully leveraging capital to amplify returns. Over the medium term this could signal conservative capital use or limited asset productivity unless management boosts operating returns or reallocates capital more aggressively.

Fujibo Holdings, Inc. Business Overview & Revenue Model

Company Description

Fujibo Holdings, Inc. engages in polishing pads, industrial chemical products, and lifestyle apparel businesses in Japan. It provides POLYPAS polishing pads for precision polishing of silicon wafers, as well as for various types of semiconductor materials, metals, and glasses; and functional non-woven fabrics, functional films, as well as non-woven polyester fabrics. The company also offers fine chemical intermediates for the production of raw materials for medicines, agricultural chemicals, electronic materials, and functional chemicals; and various fiber materials, functional fibers, yarns, and fabrics. In addition, it is involved in the injection molding of components for digital cameras, medical devices, and other high precision products. The company was incorporated in 1896 and is headquartered in Tokyo, Japan.

How the Company Makes Money

Fujibo Holdings generates revenue through multiple streams, primarily from the sale of its textile products and advanced materials. The company has a diversified portfolio, with key revenue streams including industrial textiles, which cater to sectors like automotive and construction, as well as apparel materials used in fashion. Additionally, Fujibo engages in partnerships with other manufacturers and businesses, facilitating the development of specialized products and expanding its market reach. The company also benefits from ongoing research and development initiatives that lead to new product innovations, further driving sales growth.

Fujibo Holdings, Inc. Financial Statement Overview

Summary

Strong overall fundamentals: revenue grew 18.85% (2024 to 2025) with healthy profitability (gross margin 34.68%, net margin 10.43%, EBIT margin 15.09%). Balance sheet is very conservative (debt-to-equity 0.01; equity ratio 71.25%). Cash generation is solid (operating cash flow to net income 1.93), though free-cash-flow conversion is weaker (FCF to net income 0.41), tempering the score slightly.

Income Statement

Fujibo Holdings, Inc. demonstrated strong revenue growth with a 18.85% increase in total revenue from 2024 to 2025. The gross profit margin and net profit margin are healthy at 34.68% and 10.43%, respectively, reflecting efficient cost management and profitability. The EBIT margin of 15.09% and EBITDA margin of 23.72% further indicate robust operational performance. Despite a slight dip in gross profit compared to 2022, the company has maintained an upward trajectory in profitability metrics.

Balance Sheet

The balance sheet is strong, with a low debt-to-equity ratio of 0.01, indicating minimal leverage, and a solid equity ratio of 71.25%, showcasing a stable financial foundation. Return on equity (ROE) is 9.43%, which is decent, considering the low leverage. The company's equity has consistently grown, reinforcing its financial stability and capacity to fund operations through equity without excessive reliance on debt.

Cash Flow

Cash flow analysis reveals positive trends, with a 10.42% growth in free cash flow from 2024 to 2025. The operating cash flow to net income ratio is 1.93, indicating strong cash generation relative to earnings. However, the free cash flow to net income ratio is lower at 0.41, suggesting potential areas for improvement in converting earnings to free cash flow, likely due to significant capital expenditures.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	43.78B	42.91B	36.11B	37.67B	35.92B	36.93B
Gross Profit	15.37B	14.88B	10.61B	12.15B	12.67B	12.20B
EBITDA	10.33B	10.18B	6.75B	8.21B	9.34B	8.44B
Net Income	4.88B	4.48B	2.12B	3.40B	4.46B	4.32B
Balance Sheet
Total Assets	65.58B	66.61B	62.51B	61.37B	58.53B	55.79B
Cash, Cash Equivalents and Short-Term Investments	6.63B	8.06B	8.26B	8.11B	8.33B	4.62B
Total Debt	359.00M	561.00M	1.55B	1.48B	1.55B	1.46B
Total Liabilities	17.88B	19.14B	18.54B	18.45B	18.04B	18.51B
Stockholders Equity	47.70B	47.46B	43.97B	42.92B	40.50B	37.28B
Cash Flow
Free Cash Flow	0.00	1.83B	1.66B	2.50B	5.13B	865.00M
Operating Cash Flow	0.00	8.66B	4.99B	5.17B	9.11B	6.79B
Investing Cash Flow	0.00	-6.54B	-3.09B	-3.55B	-3.93B	-5.82B
Financing Cash Flow	0.00	-2.36B	-1.79B	-1.90B	-1.46B	-1.31B

Fujibo Holdings, Inc. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 8280.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:3104, the sentiment is Positive. The current price of 8280 is below the 20-day moving average (MA) of 8938.50, below the 50-day MA of 8334.20, and above the 200-day MA of 6524.73, indicating a bullish trend. The MACD of 299.93 indicates Negative momentum. The RSI at 68.47 is Neutral, neither overbought nor oversold. The STOCH value of 72.20 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:3104.

Fujibo Holdings, Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
3580	79 Outperform	¥34.39B	23.62	―	3.23%	6.98%	-42.05%
3104	75 Outperform	¥108.38B	20.76	―	1.79%	10.76%	54.82%
3608	68 Neutral	¥51.13B	4.01	17.77%	6.12%	-6.22%	679.61%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%

Fujibo Holdings, Inc. Corporate Events

Fujibo Unveils “Shinka 26–30” Plan Targeting Aggressive Growth by FY2030

Fujibo Holdings has unveiled a new five-year medium-term management plan, “Shinka 26–30,” running from fiscal 2026 to 2030, positioned on the back of record-high net sales and operating profit expected in fiscal 2025 under its current plan. Aiming to become a “global No.1 player in a niche segment” and to drive exponential growth toward fiscal 2035, the company will evolve its business portfolio, expand new businesses, and reinforce R&D and intellectual property strategies, while overhauling its human resource management system, accelerating digital transformation in manufacturing and operations, and strengthening its management and financial base. Under the plan, Fujibo targets consolidated net sales of ¥65 billion and operating profit of ¥13 billion in fiscal 2030, signaling an aggressive growth and efficiency push that, if achieved, would materially enhance its scale, profitability, and competitive positioning within its chosen niche markets.

The most recent analyst rating on (JP:3104) stock is a Buy with a Yen10652.00 price target. To see the full list of analyst forecasts on Fujibo Holdings, Inc. stock, see the JP:3104 Stock Forecast page.

Fujibo Sets Three-for-One Stock Split and Triples Authorized Share Capital

Fujibo Holdings, Inc. has approved a three-for-one stock split of its common shares, effective April 1, 2026, reducing the minimum investment unit in an effort to create a more accessible trading environment and broaden its investor base. In conjunction with the split, the company will amend its Articles of Incorporation to increase the total number of authorized shares from 30 million to 90 million, adjust the maximum annual number of shares available under its restricted stock compensation plan for directors from 15,000 to 45,000 shares, and clarify that shareholders’ equity will remain unchanged and that the year-end dividend for the fiscal year ending March 31, 2026 will be calculated based on the pre-split share count.

The most recent analyst rating on (JP:3104) stock is a Buy with a Yen10652.00 price target. To see the full list of analyst forecasts on Fujibo Holdings, Inc. stock, see the JP:3104 Stock Forecast page.

Fujibo to Change Japanese Trade Name as Business Shifts Beyond Textiles

Fujibo Holdings, Inc. will change its corporate trade name in Japanese from the kanji form “富士紡ホールディングス” to the katakana form “フジボウホールディングス,” while retaining its English name, to better reflect the company’s significantly transformed business portfolio. The decision, approved by the Board of Directors and subject to shareholder approval of Articles of Incorporation amendments at the June 2026 annual general meeting, is scheduled to take effect on October 1, 2026 and underscores Fujibo’s strategic pivot away from its legacy textile-centric operations toward its growing polishing pad and industrial chemicals businesses.

The most recent analyst rating on (JP:3104) stock is a Buy with a Yen10652.00 price target. To see the full list of analyst forecasts on Fujibo Holdings, Inc. stock, see the JP:3104 Stock Forecast page.

Fujibo Holdings Delivers Strong Nine-Month Earnings and Raises Annual Dividend

Fujibo Holdings reported consolidated net sales of ¥34.3 billion for the nine months ended December 31, 2025, up 6.6% year on year, with operating profit rising 20.7% to ¥6.0 billion and profit attributable to owners of parent increasing 16.7% to ¥4.3 billion, reflecting improved profitability and robust earnings per share of ¥377.03. The company’s financial position remains strong, with total assets of ¥70.1 billion, an equity ratio of 71.7%, and an increased annual dividend plan to ¥160 per share for the fiscal year ending March 31, 2026, while maintaining its full-year forecast that calls for moderate sales growth and double-digit profit gains, signaling continued confidence and attractive returns for shareholders.

The most recent analyst rating on (JP:3104) stock is a Buy with a Yen10652.00 price target. To see the full list of analyst forecasts on Fujibo Holdings, Inc. stock, see the JP:3104 Stock Forecast page.

Fujibo Holdings Reports Strong Financial Growth and Revised Dividend Forecast

Fujibo Holdings, Inc. reported a significant increase in its consolidated financial results for the six months ended September 30, 2025, with net sales rising by 7% and operating profit increasing by 26% compared to the previous year. The company also announced a revision in its cash dividend forecast, reflecting a positive outlook for the fiscal year ending March 31, 2026, which indicates strong financial health and potential for future growth.

The most recent analyst rating on (JP:3104) stock is a Buy with a Yen7621.00 price target. To see the full list of analyst forecasts on Fujibo Holdings, Inc. stock, see the JP:3104 Stock Forecast page.

Fujibo Holdings Revises Financial Forecast and Increases Dividend Amid Market Shifts

Fujibo Holdings, Inc. has revised its full-year financial results and dividend forecast for the fiscal year ending March 31, 2026, due to strong performance in its Polishing Pad Business driven by demand for advanced semiconductors, despite challenges in the Lifestyle Apparel Business. The company has increased its year-end dividend forecast to ¥85 per share, reflecting a commitment to shareholder returns amid changing market conditions.

The most recent analyst rating on (JP:3104) stock is a Buy with a Yen7621.00 price target. To see the full list of analyst forecasts on Fujibo Holdings, Inc. stock, see the JP:3104 Stock Forecast page.