Shirohato Co., Ltd. (3192) AI Stock Analysis

• Market Cap: ¥1.91B
• Dividend Yield: N/A
• Average Volume (3M): 16.29K
• Price to Earnings (P/E): 4.7
• Beta (1Y): 0.38
• Revenue Growth: 0.06%
• EPS Growth: N/A
• Country: JP
• Employees: 86
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Specialty Retail
• EPS (TTM): N/A
• Shares Outstanding: 6,669,700
• 10 Day Avg. Volume: 35,610
• 30 Day Avg. Volume: 16,290
• PEG Ratio: 0.03
• Price to Book (P/B): 0.78
• Price to Sales (P/S): 0.35
• P/FCF Ratio: -6.79
• 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: 56 Neutral
• Price Target: ¥319.00 ▲(15.16% Upside)
• Action: Downgraded Date: 03/03/26
• Date: Action: Downgraded 03/03/26

The score is held back primarily by uneven financial performance—softening revenue, inconsistent operating profitability, and volatile/weak cash flow in the latest annual period—despite some balance-sheet improvement. Offsetting this, technical momentum is positive with the price above key moving averages, and valuation looks low based on the P/E.

Positive Factors

Direct-to-consumer e‑commerce

Shirohato’s DTC e-commerce model centralizes sales, customer data and fulfillment for lingerie/apparel. That structure supports scalable digital customer acquisition, repeat-purchase programs, and faster product feedback loops, which can sustainably lower channel costs and protect gross margins over time if retention and marketing remain efficient.

Merchandising & service focus

A stated emphasis on product merchandising and customer service is a durable operational strength in apparel retail: curated assortments and better service raise purchase conversion and retention. Over months this supports higher lifetime value, differentiation vs commodity sellers, and the potential to command steadier margins or expand private-label offerings.

Improving leverage & equity resilience

Balance-sheet improvement—reduced leverage versus prior years with equity stability and a return to positive ROE—provides financial resilience. This makes the company less vulnerable to short-term shocks, preserves capacity to invest in inventory and e-commerce tools, and reduces immediate solvency risk while management works to stabilize profits.

Negative Factors

Softening revenue trend

Consecutive annual revenue declines indicate an erosion of scale in core online retail operations. Persistent top-line contraction reduces fixed-cost absorption in logistics and marketing, weakens bargaining power with suppliers, and makes margin recovery harder; reversing this trend is critical for medium-term profitability restoration.

Inconsistent operating profitability

Operating loss alongside positive net income suggests earnings quality issues, such as reliance on non‑operating items or timing effects. If operating profitability remains unstable, core retail economics are weak, undermining cash generation and the ability to reinvest in assortment, marketing, and fulfillment—key drivers for long-term competitiveness.

Volatile and weak cash generation

Repeated negative operating and free cash flow after a prior positive period indicate unstable working-capital conversion. Weak, volatile cash generation limits the company’s ability to self-fund inventory, promotions and platform improvements, increasing reliance on external financing and raising long-term execution risk in the capital‑intensive phases of retail.

Shirohato Co., Ltd. Business Overview & Revenue Model

Company Description

Shirohato Co., Ltd. operates an online shopping site in Japan. The company offers innerwear for men and women. It also operates directly managed store under the SHIROHATO name. Shirohato Co., Ltd. was founded in 1965 and is headquartered in Kyoto, Japan.

How the Company Makes Money

Shirohato generates revenue through multiple streams, primarily from the sales of women's lingerie and intimate wear. The company operates a combination of retail outlets and an online store, allowing it to reach a broader audience. Key revenue streams include direct sales from physical stores, online sales through its e-commerce platform, and wholesale distribution to other retailers. The company benefits from strategic partnerships with various suppliers and manufacturers, enabling it to offer a wide range of products at competitive prices. Additionally, Shirohato may engage in seasonal promotions and collaborations, which can drive increased sales and enhance brand visibility, contributing to its overall earnings.

Shirohato Co., Ltd. Financial Statement Overview

Summary

Overall fundamentals are mixed-to-weak. Profitability has been inconsistent with the latest annual period showing negative operating profit despite positive net income, revenue has declined in the last two annual periods provided, and cash generation is a key concern with negative operating cash flow and free cash flow in the latest annual period (and also negative in 2024). Leverage is meaningful but has improved versus earlier years, which partially offsets the risk.

Income Statement

Profitability has been inconsistent. After a loss in 2024 (annual) and modest profitability in 2023 and 2025-02 (annual), the latest 2025-11 (annual) shows negative operating profit despite a positive net income, suggesting earnings quality/mix is uneven. Revenue has also softened, with declines in the last two annual periods provided (2025-02 and 2025-11), while gross profit levels remain relatively solid but not translating reliably into operating income.

Balance Sheet

Leverage is meaningful but improving versus earlier years. Debt-to-equity was elevated in 2021–2024 (roughly mid-1x range) and improved in 2025-02 (annual), though total debt remains large relative to equity. Equity has held up and return on equity turned positive in 2025-02 and is strong in 2025-11, but the earnings volatility increases balance-sheet risk if profitability weakens again.

Cash Flow

Cash generation is volatile and recently weak. Operating cash flow and free cash flow were negative in 2025-11 (annual) and were also negative in 2024 (annual), following a stronger 2025-02 (annual) where both were positive and roughly in line with net income. The swing between positive and negative cash flow raises concern about working-capital/cash conversion stability and the company’s ability to self-fund consistently.

Breakdown	TTM	Nov 2025	Feb 2025	Feb 2024	Feb 2023	Feb 2022
Income Statement
Total Revenue	6.14B	5.61B	6.27B	6.37B	6.35B	6.23B
Gross Profit	2.29B	1.89B	2.39B	2.38B	2.43B	2.40B
EBITDA	162.93M	-77.33K	224.83M	150.91M	287.35M	63.26M
Net Income	523.01M	419.87M	123.10M	-120.64M	73.89M	-223.12M
Balance Sheet
Total Assets	5.39B	5.79B	5.96B	5.76B	6.29B	6.48B
Cash, Cash Equivalents and Short-Term Investments	601.00M	643.59M	554.43M	193.22M	692.31M	508.30M
Total Debt	2.07B	2.26B	3.09B	3.02B	3.31B	3.39B
Total Liabilities	2.82B	3.27B	3.75B	3.68B	4.08B	4.35B
Stockholders Equity	2.57B	2.52B	2.21B	2.08B	2.20B	2.14B
Cash Flow
Free Cash Flow	0.00	-288.25M	323.92M	-207.03M	-17.94M	677.90M
Operating Cash Flow	0.00	-284.80M	326.01M	-158.81M	-8.03M	741.04M
Investing Cash Flow	0.00	1.20B	-36.77M	-44.26M	267.05M	-91.59M
Financing Cash Flow	0.00	-830.15M	71.97M	-296.02M	-75.00M	-689.83M

Shirohato Co., Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 277.00
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:3192, the sentiment is Negative. The current price of 277 is below the 20-day moving average (MA) of 298.55, below the 50-day MA of 295.12, and below the 200-day MA of 281.32, indicating a neutral trend. The MACD of -0.22 indicates Positive momentum. The RSI at 40.46 is Neutral, neither overbought nor oversold. The STOCH value of 23.08 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:3192.

Shirohato Co., Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
3181	80 Outperform	¥3.14B	10.42	―	1.12%	24.10%	-15.55%
3092	65 Neutral	¥1.00T	17.87	47.74%	2.82%	6.80%	0.62%
4385	63 Neutral	¥556.44B	23.32	31.11%	―	4.83%	106.29%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
3396	60 Neutral	¥5.68B	13.21	―	1.76%	2.24%	―
3192	56 Neutral	¥1.91B	4.66	―	―	0.06%	―