Central Glass Co., Ltd. (4044) AI Stock Analysis

• Market Cap: ¥107.79B
• Dividend Yield: 4.87%
• Average Volume (3M): 57.44K
• Price to Earnings (P/E): 23.6
• Beta (1Y): 0.85
• Revenue Growth: -4.44%
• EPS Growth: -47.54%
• Country: JP
• Employees: 3,314
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Construction Materials
• EPS (TTM): 146.06
• Shares Outstanding: 26,000,000
• 10 Day Avg. Volume: 51,540
• 30 Day Avg. Volume: 57,436
• PEG Ratio: -0.26
• Price to Book (P/B): 0.69
• Price to Sales (P/S): 0.56
• P/FCF Ratio: 4.47
• 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): 227.9
• Revenue Forecast (FY): ¥140.40B

• Rating: 55 Neutral
• Price Target: ¥4,397.00 ▲(26.17% Upside)
• Action: Reiterated Date: 02/13/26
• Date: Action: Reiterated 02/13/26

The score is primarily constrained by weak financial performance driven by declining revenue and volatile margins. Technicals are supportive due to a strong uptrend and positive MACD, but an overbought RSI tempers the outlook. Valuation is helped by a ~4% dividend yield, though the P/E appears only moderate relative to inconsistent earnings.

Positive Factors

Moderate leverage

A debt-to-equity ratio around 0.42 indicates moderate leverage that preserves financial flexibility. Over a 2-6 month horizon this balance sheet posture supports investment in specialty capacity, limits refinancing stress, and cushions earnings volatility from cyclical end markets.

Specialty product mix

A strategic shift toward specialty and fine chemicals creates more durable revenue through technical qualification, recurring B2B contracts, and higher margins. This structural product mix reduces exposure to commodity price swings and supports steadier demand from electronics and industrial customers.

Resilient gross margins

An average gross margin near 27% suggests underlying pricing power or cost control at the production level. Sustained gross profitability provides a buffer for reinvestment in R&D and specialty lines and helps absorb downstream margin pressure from volatile SG&A or raw material swings.

Negative Factors

Declining revenue trend

A multi-year revenue decline signals weakening end-market volumes or loss of business share. Over several months this trend can pressure operating leverage, constrain scale advantages in specialty segments, and limit the ability to fund innovation or capex without external financing.

Volatile net income and margins

Inconsistent net income and fluctuating EBIT/EBITDA margins point to operational sensitivity to input costs or product mix shifts. This volatility undermines forecasting, raises working capital needs, and complicates long-term planning for capacity and customer contracts.

Inconsistent free cash flow

Fluctuating free cash flow driven by variable capex and operating cash conversion reduces the company's ability to consistently self-fund growth or pay dividends. Over months this can force trade-offs between maintenance capex and investments in specialty product development.

Central Glass Co., Ltd. Business Overview & Revenue Model

Company Description

Central Glass Co., Ltd., together with its subsidiaries, engages in the manufacture and sale of flat glass and chemical products for customers in Japan, North America, Europe, and internationally. The company operates in two segments, Glass Business and Chemicals Business. It offers architectural glass products, including soundproof, laminated, security, tempered, fire protection, high transparent, and special construction, as well as eco-glass and anti-fog mirrors; automotive glass products comprising laminated, tempered, UV cut, privacy, antenna, IR cut, water repellent, sound insulation, laminated side, panoramic roof, ice melting, and module window glasses; flat glass for information and electronics industries; and glass fiber and glass wool products. The company also provides chemical products comprising HFO-1233zd(E), CELEFIN 1233Z (HFO-1233zd(Z)), ZEM-SCREEN (HFO-1234ze(E)), HFC-245fa, hydrofluoric acid, and polyaluminum chloride; and fine chemicals, such as aromatic products, aliphatic compounds, chiral compounds, trifluoromethanesulfonic acid and derivatives, aromatic monomers, aliphatic monomers, fluorine resins, and reagents. In addition, it offers fertilizers, including Cera-coatR, and NPK and NK compound fertilizers; and microbial control agents and materials. The company was formerly known as Ube Soda Industry Co., Ltd. and changed its name to Central Glass Co., Ltd. in 1963. Central Glass Co., Ltd. was incorporated in 1936 and is headquartered in Tokyo, Japan.

How the Company Makes Money

Central Glass Co., Ltd. generates revenue primarily through the production and sale of its glass products across multiple sectors. Key revenue streams include the automotive glass market, where the company supplies original equipment manufacturers (OEMs) and aftermarket products, and the construction sector, providing architectural glass for commercial and residential buildings. Additionally, the company earns income from specialized glass products tailored for electronics and household applications. Significant partnerships with major automotive manufacturers and construction firms bolster its market position and enhance revenue stability. The company's focus on innovation and sustainability also contributes to its earnings by attracting environmentally conscious customers and enabling premium pricing for advanced glass solutions.

Central Glass Co., Ltd. Financial Statement Overview

Summary

Mixed fundamentals: the income statement is weak (declining revenue and volatile profitability), the balance sheet is relatively stable with moderate leverage (debt-to-equity ~0.42), and cash flow is only moderately consistent with fluctuating free cash flow.

Income Statement

Central Glass Co., Ltd. has faced declining revenue over the past years, with a notable drop in Total Revenue from 2020 to 2025. The Gross Profit Margin has shown some resilience, averaging around 27% over the years. However, Net Income has been volatile, leading to inconsistent Net Profit Margins. The EBIT and EBITDA margins have also shown fluctuation but have generally been low, indicating challenges in operational efficiency.

Balance Sheet

The company maintains a stable debt-to-equity ratio, averaging around 0.42, which indicates moderate leverage. Stockholders' equity has seen a downward trend, but the company has managed to keep its equity ratio at a reasonable level. The Return on Equity has been inconsistent due to volatility in net income. Overall, the balance sheet displays a decent level of stability but is affected by fluctuating performance metrics.

Cash Flow

Operating cash flow has been relatively stable, but free cash flow has experienced fluctuations due to changes in capital expenditures. The Free Cash Flow Growth Rate has been inconsistent, and the Operating Cash Flow to Net Income ratio has been volatile, reflecting the instability in net income. These factors suggest that while the company can generate cash, it faces challenges in maintaining consistent cash flow growth.

Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	142.77B	144.23B	160.34B	169.31B	206.18B	190.67B
Gross Profit	37.97B	39.36B	42.36B	42.97B	42.57B	38.60B
EBITDA	14.46B	18.73B	26.02B	53.97B	-26.14B	18.14B
Net Income	3.50B	5.68B	12.48B	42.49B	-39.84B	1.23B
Balance Sheet
Total Assets	201.04B	204.83B	214.40B	221.09B	290.70B	284.91B
Cash, Cash Equivalents and Short-Term Investments	28.18B	25.48B	21.00B	17.84B	28.22B	27.98B
Total Debt	40.42B	42.32B	53.01B	65.09B	44.85B	62.70B
Total Liabilities	82.94B	83.77B	94.36B	113.23B	160.63B	115.83B
Stockholders Equity	114.25B	116.73B	114.92B	103.48B	126.08B	165.57B
Cash Flow
Free Cash Flow	0.00	17.99B	15.14B	10.24B	6.57B	10.44B
Operating Cash Flow	0.00	23.59B	22.24B	16.60B	14.87B	17.92B
Investing Cash Flow	0.00	-4.24B	-3.34B	19.96B	-1.84B	-3.74B
Financing Cash Flow	0.00	-17.57B	-15.97B	-47.04B	-12.74B	-13.12B

Central Glass Co., Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 3485.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:4044, the sentiment is Positive. The current price of 3485 is below the 20-day moving average (MA) of 4034.25, below the 50-day MA of 3743.30, and above the 200-day MA of 3288.29, indicating a bullish trend. The MACD of 183.72 indicates Negative momentum. The RSI at 76.36 is Negative, neither overbought nor oversold. The STOCH value of 82.92 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:4044.

Central Glass Co., Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
5352	76 Outperform	¥150.39B	8.34	―	2.77%	1.43%	91.97%
5388	73 Outperform	¥17.29B	13.86	―	3.47%	2.65%	20.98%
5357	73 Outperform	¥29.41B	15.45	―	5.04%	-2.29%	-41.92%
5233	67 Neutral	¥516.20B	22.39	7.93%	2.32%	-2.26%	-10.86%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
5232	61 Neutral	¥147.19B	17.42	6.98%	3.13%	-2.13%	37.10%
4044	55 Neutral	¥107.79B	23.62	―	4.87%	-4.44%	-47.54%

Central Glass Co., Ltd. Corporate Events

Central Glass Raises FY2025 Earnings Outlook on AI Chip and Automotive Demand

Central Glass revised its FY2025 consolidated forecast upward, now expecting higher net sales, operating profit, ordinary profit, and profit attributable to owners of the parent compared with its November guidance. The upgrade is driven by yen depreciation, stronger specialty gas sales for electronic materials amid rising AI-related semiconductor demand, and solid performance in automotive glass and related glass fiber products.

Net sales are now projected at ¥143.2 billion and operating profit at ¥8.1 billion, modestly below FY2024 sales but with earnings per share raised to ¥254.15, above the prior year. The revised outlook highlights the electronic materials and glass businesses as key profit contributors, underscoring Central Glass’s growing exposure to advanced semiconductor supply chains and stable automotive demand, factors that may support improved profitability for shareholders and business partners.

The most recent analyst rating on (JP:4044) stock is a Buy with a Yen4136.00 price target. To see the full list of analyst forecasts on Central Glass Co., Ltd. stock, see the JP:4044 Stock Forecast page.

Central Glass Posts Lower Nine-Month Profit but Keeps Dividend and Lifts Full-Year Earnings Outlook

Central Glass Co. reported consolidated net sales of ¥104.5 billion for the nine months ended December 31, 2025, down 0.9% year on year, with operating profit dropping 24.9% to ¥6.3 billion and profit attributable to owners of parent falling 16.2% to ¥5.8 billion. Despite weaker earnings, comprehensive income improved 23.7%, equity rose to ¥119.4 billion, and the equity ratio strengthened to 58.8%, indicating a more robust balance sheet.

The company maintained its dividend policy, paying ¥85 per share at mid-year and forecasting a full-year total of ¥170, unchanged from the prior year, signaling a continued focus on shareholder returns. It also revised its full-year forecast, now expecting slightly lower sales and double-digit declines in operating and ordinary profit but a 10.9% rise in full-year profit attributable to owners, while removing Central Glass Europe Ltd. from the scope of consolidation as part of portfolio adjustments.

The most recent analyst rating on (JP:4044) stock is a Buy with a Yen4136.00 price target. To see the full list of analyst forecasts on Central Glass Co., Ltd. stock, see the JP:4044 Stock Forecast page.