Atsugi Co., Ltd. (3529) AI Stock Analysis

• Market Cap: ¥15.19B
• Dividend Yield: N/A
• Average Volume (3M): 107.86K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.49
• Revenue Growth: 4.15%
• EPS Growth: -289.87%
• Country: JP
• Employees: 1,443
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Apparel - Manufacturers
• EPS (TTM): -22.18
• Shares Outstanding: 17,319,569
• 10 Day Avg. Volume: 71,710
• 30 Day Avg. Volume: 107,863
• PEG Ratio: 0.37
• Price to Book (P/B): 0.56
• Price to Sales (P/S): 0.81
• P/FCF Ratio: -7.38
• 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: 57 Neutral
• Price Target: ¥1,038.00 ▼(-5.64% Downside)
• Action: Reiterated Date: 11/28/25
• Date: Action: Reiterated 11/28/25

Atsugi Co., Ltd. shows strong technical momentum, which is a positive indicator for short-term performance. However, financial performance is hindered by profitability and cash flow challenges, and valuation metrics are unattractive due to ongoing losses.

Positive Factors

Low leverage / strong equity base

A high equity ratio and low debt-to-equity provide durable financial flexibility. This reduces bankruptcy and interest-rate risk, supports working-capital cycles in apparel, and allows management to fund product development, inventory or marketing without immediate external financing.

Defensive consumer product positioning

Hosiery and basic innerwear are recurrent consumer purchases with steady structural demand. A focus on everyday apparel sold through diverse retail and wholesale channels supports stable volume and predictability versus cyclical discretionary categories, aiding multi-month revenue visibility.

Revenue rebound and margin improvement

A revenue rebound coupled with improving EBITDA suggests operational recovery and effective cost or mix adjustments. If sustained, these trends point to margin normalization potential and better cash generation over the coming months as fixed costs leverage higher volumes.

Negative Factors

Persistent negative profitability

Ongoing negative EBIT and net margins indicate the core business hasn't returned to consistent profitability. This undermines long-term ROE and limits retained-earnings funding for growth, forcing reliance on operational improvement or external capital to restore sustainable earnings.

Weak and volatile free cash flow

Volatile and often negative free cash flow impairs the firm's ability to self-fund inventory, marketing, or product investment. It raises refinancing and liquidity risk during downturns and constrains strategic initiatives that require steady cash generation over the next several months.

Severe EPS deterioration

A very large negative EPS growth rate signals earnings deterioration and operational stress. Such a sharp decline can reflect structural margin or demand issues, increasing the probability of earnings volatility, potential capital raises, or strategic retrenchment that weigh on medium-term performance.

Atsugi Co., Ltd. Business Overview & Revenue Model

Company Description

Atsugi Co., Ltd. (3529) is a prominent Japanese company primarily engaged in the manufacturing and sales of hosiery, lingerie, and other textile products. The company operates in the apparel sector, offering a wide range of products that cater to both domestic and international markets. Atsugi is known for its innovative designs and high-quality materials, positioning itself as a leader in the fashion and textile industries.

How the Company Makes Money

Atsugi generates revenue primarily by manufacturing and selling legwear (e.g., stockings/pantyhose and socks) and related apparel/innerwear products under its brands to customers in Japan. Its earnings are driven by product sales volume and pricing across its portfolio, with revenue recognized from shipments to sales channels such as mass retailers, specialty stores, and other wholesale/distribution partners. Profitability is influenced by factors typical to apparel manufacturing—material and production costs, inventory management, product mix (higher-margin branded items vs. commodity products), and demand seasonality. Specific details on segment-level revenue breakdowns, named major customers/partners, licensing income, or other non-core revenue streams are null.

Atsugi Co., Ltd. Financial Statement Overview

Summary

Atsugi Co., Ltd. faces challenges in profitability and cash flow, with negative net and EBIT margins. However, it maintains a strong balance sheet with low debt levels, providing some financial stability.

Income Statement

Atsugi Co., Ltd. has demonstrated inconsistent revenue growth with a recent rebound in 2025 after a decline in 2024. The gross profit margin is relatively stable, but the company struggles with profitability, indicated by negative net and EBIT margins over the years. The EBITDA margin showed improvement in 2025, yet remains weak compared to industry standards.

Balance Sheet

The company maintains a strong equity position with a high equity ratio. However, the return on equity is negative due to net losses. The debt-to-equity ratio is low, indicating minimal leverage risk, which is a positive aspect in terms of financial stability.

Cash Flow

Atsugi Co., Ltd.'s cash flow situation is mixed. Operating cash flow has improved in 2025 but remains low compared to net income. Free cash flow has shown significant volatility, with a negative trend in recent years. The company faces challenges in translating earnings into cash flow.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	21.69B	21.88B	21.21B	20.50B	21.45B	16.23B
Gross Profit	6.74B	6.94B	6.85B	5.38B	5.12B	3.69B
EBITDA	-514.00M	-280.00M	4.00M	-1.69B	-1.81B	-2.10B
Net Income	-907.00M	-376.00M	1.33B	-1.22B	-1.83B	-3.83B
Balance Sheet
Total Assets	39.78B	40.85B	42.01B	40.69B	42.23B	44.34B
Cash, Cash Equivalents and Short-Term Investments	4.68B	5.41B	3.87B	4.79B	6.31B	8.11B
Total Debt	927.00M	1.06B	1.07B	1.38B	1.85B	2.32B
Total Liabilities	8.86B	9.18B	8.57B	9.75B	10.09B	10.38B
Stockholders Equity	30.91B	31.66B	33.44B	30.93B	32.15B	33.83B
Cash Flow
Free Cash Flow	0.00	-2.39B	-2.62B	-2.57B	-1.76B	-3.10B
Operating Cash Flow	0.00	415.00M	-1.34B	-1.36B	-748.00M	-2.95B
Investing Cash Flow	0.00	719.00M	456.00M	760.00M	-1.04B	522.00M
Financing Cash Flow	0.00	53.00M	-472.00M	-471.00M	-616.00M	2.07B

Atsugi Co., Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1100.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:3529, the sentiment is Negative. The current price of 1100 is above the 20-day moving average (MA) of 1067.50, below the 50-day MA of 1120.66, and below the 200-day MA of 1162.42, indicating a bearish trend. The MACD of -26.91 indicates Positive momentum. The RSI at 38.89 is Neutral, neither overbought nor oversold. The STOCH value of 15.44 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:3529.

Atsugi Co., Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
3569	78 Outperform	¥165.51B	9.78	10.24%	2.43%	6.08%	8.55%
3104	75 Outperform	¥113.15B	15.30	―	1.79%	10.76%	54.82%
3608	68 Neutral	¥49.54B	7.26	18.28%	6.12%	-6.22%	679.61%
3002	66 Neutral	¥133.81B	17.53	2.80%	3.38%	>-0.01%	-49.83%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
3591	59 Neutral	¥207.62B	39.72	5.31%	2.29%	-6.04%	146.54%
3529	57 Neutral	¥15.19B	-14.15	―	―	4.15%	-289.87%

Atsugi Co., Ltd. Corporate Events

Atsugi Swings to Loss and Maintains No-Dividend Policy Despite Solid Equity Base

Atsugi Co., Ltd. reported consolidated net sales of ¥15.7 billion for the nine months ended 31 December 2025, down 1.1% year on year, and booked an operating loss of ¥681 million and a net loss attributable to owners of the parent of ¥710 million, reversing a profit in the same period a year earlier. Earnings per share deteriorated to a loss of ¥44.38, and the company maintained a strong equity ratio of 79.1% as total assets were largely unchanged at about ¥40.8 billion; however, no interim or year-end dividends are planned for the current fiscal year, and full‑year guidance calls for a slight increase in sales but continued operating and net losses, signalling ongoing earnings pressure and limited near‑term returns for shareholders.

The most recent analyst rating on (JP:3529) stock is a Hold with a Yen1265.00 price target. To see the full list of analyst forecasts on Atsugi Co., Ltd. stock, see the JP:3529 Stock Forecast page.