TOKYO BASE Co., Ltd. (3415) AI Stock Analysis

• Market Cap: ¥15.46B
• Dividend Yield: 1.08%
• Average Volume (3M): 424.05K
• Price to Earnings (P/E): 15.4
• Beta (1Y): 0.82
• Revenue Growth: 17.48%
• EPS Growth: 83.54%
• Country: JP
• Employees: 278
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Apparel - Retail
• EPS (TTM): 2.92
• Shares Outstanding: 43,959,480
• 10 Day Avg. Volume: 446,470
• 30 Day Avg. Volume: 424,050
• PEG Ratio: 0.12
• Price to Book (P/B): 2.72
• Price to Sales (P/S): 0.69
• P/FCF Ratio: 10.47
• 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): 41.4
• Revenue Forecast (FY): ¥26.60B

• Rating: 55 Neutral
• Price Target: ¥444.00 ▼(-4.31% Downside)
• Action: Reiterated Date: 11/18/25
• Date: Action: Reiterated 11/18/25

The overall stock score is primarily influenced by the company's mixed financial performance, with strong revenue growth but historical volatility in profitability. Technical analysis indicates bearish momentum, while valuation metrics suggest moderate pricing. The absence of earnings call insights and corporate events limits additional context.

Positive Factors

Revenue Growth

Sustained ~17.5% revenue growth signals durable consumer demand and successful multi-brand, omnichannel sales strategy. Consistent top-line expansion supports reinvestment in stores, inventory and e-commerce, improving scale and long-term competitive positioning.

Balance Sheet Strength

A stable equity base and controlled leverage provide financial flexibility to fund growth, absorb shocks, and access credit. A healthy equity ratio supports long-term capital allocation, lowering insolvency risk and enabling investment in brand expansion and inventory management.

Improving Cash Generation

Rising free cash flow across recent years strengthens capacity to fund capex, marketing and potential shareholder returns without heavy reliance on external funding. Improved operating cash conversion supports sustainable operations and strategic investments over the medium term.

Negative Factors

Volatile Profitability

Wide swings in net income and profit margins reduce earnings predictability and complicate capital allocation. Persistent margin volatility can weaken investor confidence, hinder consistent reinvestment, and increase exposure to cost shocks or demand slowdowns over time.

Inconsistent Return on Equity

An inconsistent ROE suggests management struggles to generate steady returns from shareholder capital. This undermines long-term compounding of value, complicates performance assessment, and may indicate operational or pricing pressures that limit sustainable profitability.

Historical Cash Flow Variability

Significant year-to-year cash flow swings create liquidity and planning risk, potentially forcing short-term borrowing or deferred investments in weaker years. Even with recent improvement, historical variability raises concern about resilience through cyclical retail downturns.

TOKYO BASE Co., Ltd. Business Overview & Revenue Model

Company Description

TOKYO BASE Co.,Ltd. provides fashion products for men and women in Japan. The company offers jackets, blousons, rider jackets, coats, downs, shirts, T-shirts, hoodies and sweats, knits, cardigans, tops, denim, slacks, pants, bags, leather shoes, sneakers, and sandals, and as well as one piece products. It also provides accessories, such as necklaces, bracelets, rings, earrings, caps, scarves, wallets, and belts; and swim wears. As of February 28, 2020, the company operated 58 stores under the STUDIOUS, UNITED TOKYO, and PUBLIC TOKYO brand names. It offers its products through physical and online stores. The company was formerly known as Studious Co., Ltd. and changed its name to TOKYO BASE Co., Ltd. in June 2016. TOKYO BASE Co.,Ltd. was founded in 2008 and is headquartered in Tokyo, Japan.

How the Company Makes Money

TOKYO BASE generates revenue primarily through the sale of its fashion and lifestyle products across its retail stores and online platforms. The company operates a multi-brand strategy, which allows it to cater to different market segments and consumer preferences. Key revenue streams include direct sales from physical retail locations, e-commerce transactions, and wholesale partnerships with other retailers. Additionally, TOKYO BASE may benefit from seasonal promotions and collaborations with designers or influencers that drive brand awareness and sales. The company's effective supply chain management and marketing strategies also contribute to its overall profitability.

TOKYO BASE Co., Ltd. Financial Statement Overview

Summary

TOKYO BASE Co., Ltd. shows strong revenue growth and improving cash flow metrics. Despite historical volatility in profitability and return metrics, recent trends suggest stabilization and improved financial health.

Income Statement

TOKYO BASE Co., Ltd. has demonstrated consistent revenue growth over the years, with a notable increase from 2021 to 2025. The gross profit margin has been strong, indicating effective cost management. However, the company has faced fluctuations in net income, reflected in volatile net profit margins, particularly with a significant drop in 2023. Despite this, recent improvements in EBIT and EBITDA margins show a positive trend towards profitability.

Balance Sheet

The company's balance sheet reveals a stable equity base with a reasonable debt-to-equity ratio, showing controlled leverage. The increase in stockholders' equity over time is a positive indicator. However, the return on equity has been inconsistent, mirroring the volatility in net income. The equity ratio remains healthy, indicating a solid asset structure.

Cash Flow

Cash flow analysis shows improvement in free cash flow, particularly from 2023 to 2025, reflecting better cash generation after capital expenditures. The operating cash flow to net income ratio indicates robust cash flow generation, but previous years show significant variability. This points to potential cash management challenges, though recent trends are encouraging.

Breakdown	TTM	Jan 2025	Jan 2024	Jan 2023	Jan 2022	Feb 2021
Income Statement
Total Revenue	20.27B	20.21B	19.99B	19.18B	19.22B	14.67B
Gross Profit	10.65B	10.44B	9.06B	9.61B	9.27B	7.15B
EBITDA	2.18B	1.76B	1.87B	1.01B	2.05B	152.38M
Net Income	983.00M	776.87M	335.43M	-539.52M	832.08M	-112.49M
Balance Sheet
Total Assets	12.80B	11.45B	11.89B	11.20B	11.55B	7.56B
Cash, Cash Equivalents and Short-Term Investments	2.44B	3.67B	4.16B	2.50B	3.15B	2.61B
Total Debt	4.62B	3.95B	4.44B	3.65B	3.22B	2.20B
Total Liabilities	7.30B	6.35B	6.35B	5.83B	5.64B	4.34B
Stockholders Equity	5.50B	5.11B	5.53B	5.37B	5.90B	3.22B
Cash Flow
Free Cash Flow	1.02B	1.33B	723.09M	-713.52M	-123.67M	-551.07M
Operating Cash Flow	1.33B	1.74B	828.53M	64.41M	883.90M	138.92M
Investing Cash Flow	-406.70M	-758.21M	-115.24M	-730.89M	-1.59B	-878.87M
Financing Cash Flow	-1.09B	-1.50B	934.53M	-3.83M	1.22B	-2.80B

TOKYO BASE Co., Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 464.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:3415, the sentiment is Negative. The current price of 464 is above the 20-day moving average (MA) of 391.40, above the 50-day MA of 425.13, and above the 200-day MA of 436.81, indicating a bearish trend. The MACD of -11.60 indicates Negative momentum. The RSI at 39.96 is Neutral, neither overbought nor oversold. The STOCH value of 29.21 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:3415.

TOKYO BASE Co., Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
2792	72 Outperform	¥42.50B	12.56	―	3.62%	-0.98%	-29.86%
2726	70 Outperform	¥287.46B	19.26	―	1.46%	12.02%	-15.70%
8227	68 Neutral	¥776.38B	18.28	8.78%	2.02%	―	―
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
3415	55 Neutral	¥15.46B	15.44	―	1.08%	17.48%	83.54%
3548	53 Neutral	¥26.72B	-16.59	―	4.99%	-7.21%	-5127.88%
3189	40 Underperform	¥9.50B	-1.34	―	―	-34.49%	―