Hikari Business Form Co., Ltd. (JP:3948)
:3948
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Hikari Business Form Co., Ltd.
(3948)
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Rating:59Neutral
Price Target:
¥1,203.00
▼(-6.67% Downside)
Action:Reiterated
Date:05/16/26
The score is held back primarily by deteriorating profitability, declining revenues, and weaker free cash flow, despite a very strong low-debt balance sheet. Technicals also point to a soft trend (below key moving averages with negative MACD). A reasonable P/E and solid dividend yield provide some support, lifting the score into the upper-50s rather than lower.
Positive Factors
Conservative Balance Sheet
Very low leverage and a sizeable equity base provide durable financial flexibility and downside protection. This conservatism reduces bankruptcy risk, supports continued dividend payments, and gives management optionality to invest, pursue tuck-ins, or withstand cyclical revenue weakness without forcing distress sales.
Negative Factors
Declining Revenue Trend
A sustained three-year revenue decline signals structural demand or market-share challenges in its addressable market. Loss of scale pressures fixed-cost absorption, reduces bargaining leverage with suppliers, and makes margin recovery harder, increasing execution risk for any turnaround plan.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative Balance Sheet
Very low leverage and a sizeable equity base provide durable financial flexibility and downside protection. This conservatism reduces bankruptcy risk, supports continued dividend payments, and gives management optionality to invest, pursue tuck-ins, or withstand cyclical revenue weakness without forcing distress sales.
Read all positive factors
Hikari Business Form Co., Ltd. (3948) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥6.66B
Dividend Yield2.94%
Average Volume (3M)3.62K
Price to Earnings (P/E)21.4
Beta (1Y)0.46
Revenue Growth4.24%
EPS Growth193.06%
CountryJP
Employees392
SectorIndustrials
Sector Strength72
IndustrySpecialty Business Services
Share Statistics
EPS (TTM)25.09
Shares Outstanding5,815,294
10 Day Avg. Volume6,940
30 Day Avg. Volume3,616
Financial Highlights & Ratios
PEG Ratio-11.59
Price to Book (P/B)0.74
Price to Sales (P/S)0.90
P/FCF Ratio118.76
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
Hikari Business Form Co., Ltd. Business Overview & Revenue Model
Company Description
Hikari Business Form Co., Ltd. (3948) is a leading company in the manufacturing of business forms and printing solutions, primarily serving the Japanese market. The company specializes in producing a wide range of printed materials, including invo...
How the Company Makes Money
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Hikari Business Form Co., Ltd. Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
82
Very Positive
Cash Flow
45
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 7.74B | 7.92B | 9.88B | 11.99B | 9.57B |
| Gross Profit | 1.64B | 1.61B | 2.71B | 3.43B | 2.51B |
| EBITDA | 396.89M | 541.29M | 1.51B | 2.26B | 1.51B |
| Net Income | 151.74M | 161.25M | 748.02M | 1.27B | 819.21M |
Balance Sheet | |||||
| Total Assets | 11.56B | 11.22B | 11.46B | 11.98B | 10.89B |
| Cash, Cash Equivalents and Short-Term Investments | 3.31B | 3.81B | 4.01B | 4.13B | 3.18B |
| Total Debt | 319.27M | 186.84M | 198.14M | 334.98M | 529.15M |
| Total Liabilities | 2.18B | 1.88B | 2.03B | 3.07B | 2.98B |
| Stockholders Equity | 9.37B | 9.34B | 9.43B | 8.92B | 7.91B |
Cash Flow | |||||
| Free Cash Flow | 58.47M | 124.57M | 386.88M | 1.51B | 1.07B |
| Operating Cash Flow | 257.64M | 224.51M | 471.31M | 1.59B | 1.10B |
| Investing Cash Flow | -239.84M | 32.73M | 2.04M | -252.46M | 250.46M |
| Financing Cash Flow | -520.30M | -430.77M | -574.55M | -403.67M | -371.08M |
Hikari Business Form Co., Ltd. Technical Analysis
Negative
1289.00
Price Trends
1173.08
Negative
1215.66
Negative
1235.72
Negative
Market Momentum
-4.81
Negative
48.96
Neutral
26.92
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:3948, the sentiment is Negative. The current price of 1289 is above the 20-day moving average (MA) of 1157.65, above the 50-day MA of 1173.08, and above the 200-day MA of 1235.72, indicating a neutral trend. The MACD of -4.81 indicates Negative momentum. The RSI at 48.96 is Neutral, neither overbought nor oversold. The STOCH value of 26.92 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:3948.
Hikari Business Form Co., Ltd. Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | ¥3.72B | 8.70 | ― | 1.93% | 2.69% | 8.14% | |
64 Neutral | ¥39.70B | 10.84 | ― | 3.71% | -1.77% | 22.86% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
59 Neutral | ¥6.66B | 21.44 | ― | 2.94% | 4.24% | 193.06% | |
55 Neutral | ¥3.26B | 8.55 | ― | 3.69% | -3.80% | -29.59% | |
54 Neutral | ¥5.72B | 16.20 | ― | 2.72% | -4.22% | 400.40% | |
53 Neutral | ¥3.21B | 12.31 | ― | 3.30% | -3.13% | 3.01% |
* Industrials Sector Average
JP:3948
Hikari Business Form Co., Ltd.
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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.