Ichikawa Co., Ltd. (JP:3513)
:3513
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Ichikawa Co., Ltd.
(3513)
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Rating:72Outperform
Price Target:
¥3,258.00
▲(13.32% Upside)
Action:Reiterated
Date:05/17/26
The score is driven primarily by improving profitability and an exceptionally conservative balance sheet, supported by an attractive valuation (low P/E and solid dividend yield). These positives are partly offset by weak technical momentum (below key moving averages, negative MACD) and uneven cash-flow conversion that warrants monitoring.
Positive Factors
Conservative balance sheet
Very low leverage and steadily rising equity provide durable financial flexibility. With debt-to-equity near 0.04–0.06 (0.037 in 2026) the company has lower refinancing and solvency risk, enabling steady dividends, conservative capex and optional strategic investments across business cycles.
Negative Factors
Declining free cash flow
Free cash flow erosion limits financial optionality: lower FCF constrains discretionary spending, share returns and buffers against shocks. Even with profit improvements, falling FCF reduces capacity to convert earnings into durable liquidity and raises the need to monitor cash conversion going forward.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Very low leverage and steadily rising equity provide durable financial flexibility. With debt-to-equity near 0.04–0.06 (0.037 in 2026) the company has lower refinancing and solvency risk, enabling steady dividends, conservative capex and optional strategic investments across business cycles.
Read all positive factors
Ichikawa Co., Ltd. (3513) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥12.96B
Dividend Yield3.04%
Average Volume (3M)4.56K
Price to Earnings (P/E)13.1
Beta (1Y)0.48
Revenue Growth6.05%
EPS Growth52.27%
CountryJP
Employees673
SectorBasic Materials
Sector Strength58
IndustryPaper, Lumber & Forest Products
Share Statistics
EPS (TTM)202.44
Shares Outstanding4,967,151
10 Day Avg. Volume4,540
30 Day Avg. Volume4,556
Financial Highlights & Ratios
PEG Ratio0.25
Price to Book (P/B)0.64
Price to Sales (P/S)1.04
P/FCF Ratio24.90
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
Ichikawa Co., Ltd. Business Overview & Revenue Model
Company Description
Ichikawa Co., Ltd. manufactures and sells paper making equipment and industrial felts in Japan and internationally. It offers paper making press felts and belts, and shoe press and transfer belts; industrial products, such as heat-resistant convey...
How the Company Makes Money
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Ichikawa Co., Ltd. Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
90
Very Positive
Cash Flow
62
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 14.08B | 14.79B | 13.95B | 13.60B | 13.34B | 12.36B |
| Gross Profit | 6.09B | 6.72B | 6.02B | 5.94B | 5.43B | 4.66B |
| EBITDA | 2.34B | 2.54B | 2.19B | 2.17B | 2.06B | 1.77B |
| Net Income | 939.00M | 1.17B | 782.00M | 1.02B | 833.00M | 523.00M |
Balance Sheet | ||||||
| Total Assets | 29.68B | 32.08B | 29.47B | 29.24B | 26.64B | 25.73B |
| Cash, Cash Equivalents and Short-Term Investments | 6.11B | 6.16B | 6.40B | 6.71B | 5.78B | 4.45B |
| Total Debt | 946.00M | 882.00M | 925.00M | 909.00M | 941.00M | 979.07M |
| Total Liabilities | 7.40B | 8.01B | 7.20B | 7.88B | 7.13B | 6.96B |
| Stockholders Equity | 22.27B | 24.07B | 22.26B | 21.35B | 19.50B | 18.75B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 615.00M | 501.00M | 1.43B | 1.49B | 1.12B |
| Operating Cash Flow | 0.00 | 1.86B | 1.40B | 1.99B | 1.73B | 1.58B |
| Investing Cash Flow | 0.00 | -2.58B | -1.12B | -520.00M | -103.00M | -457.15M |
| Financing Cash Flow | 0.00 | -734.00M | -622.00M | -672.00M | -369.00M | -363.55M |
Ichikawa Co., Ltd. Technical Analysis
Negative
2875.00
Price Trends
3515.52
Negative
3381.94
Negative
2691.12
Positive
Market Momentum
-199.51
Positive
27.88
Positive
21.27
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:3513, the sentiment is Negative. The current price of 2875 is below the 20-day moving average (MA) of 3129.55, below the 50-day MA of 3515.52, and above the 200-day MA of 2691.12, indicating a neutral trend. The MACD of -199.51 indicates Positive momentum. The RSI at 27.88 is Positive, neither overbought nor oversold. The STOCH value of 21.27 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:3513.
Ichikawa Co., Ltd. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | ¥12.96B | 13.05 | ― | 3.04% | 6.05% | 52.27% | |
70 Outperform | ¥64.65B | 12.82 | ― | 2.67% | 0.65% | 22.48% | |
66 Neutral | ¥8.74B | 8.02 | ― | 1.90% | 3.25% | 32.39% | |
64 Neutral | ¥26.27B | 4.36 | ― | 3.72% | -0.56% | 44.99% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
56 Neutral | ¥16.01B | 26.38 | ― | 1.42% | 2.80% | 16.19% | |
42 Neutral | ¥4.27B | 0.76 | ― | ― | 8.00% | 1997.59% |
* Basic Materials Sector Average
JP:3513
Ichikawa Co., Ltd.
2,830.00
1,218.62
75.63%
JP:3708
Tokushu Tokai Paper Co., Ltd.
1,725.00
563.49
48.51%
JP:3877
Chuetsu Pulp & Paper Co., Ltd.
1,968.00
477.25
32.01%
JP:3878
Tomoegawa Corporation
864.00
222.99
34.79%
JP:3896
AWA PAPER & TECHNOLOGICAL COMPANY, Inc.
428.00
39.00
10.03%
JP:7487
OZU Corporation
1,909.00
155.03
8.84%
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.