IBIDEN CO (4062) AI Stock Analysis

• Market Cap: ¥2.67T
• Dividend Yield: 0.4%
• Average Volume (3M): 3.99M
• Price to Earnings (P/E): 66.7
• Beta (1Y): 1.60
• Revenue Growth: 5.18%
• EPS Growth: 3.36%
• Country: JP
• Employees: 11,375
• Sector: Technology
• Sector Strength: 88
• Industry: Hardware, Equipment & Parts
• EPS (TTM): 31.98
• Shares Outstanding: 281,721,100
• 10 Day Avg. Volume: 2,652,340
• 30 Day Avg. Volume: 3,987,370
• PEG Ratio: 2.35
• Price to Book (P/B): 1.14
• Price to Sales (P/S): 1.51
• P/FCF Ratio: -7.09
• 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: ¥7,799.63
• Price Target Upside: -18.22% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 11
• EPS Forecast (FY): 149.78
• Revenue Forecast (FY): ¥419.54B

• Rating: 61 Neutral
• Price Target: ¥10,168.00 ▲(6.62% Upside)
• Action: Reiterated Date: 02/21/26
• Date: Action: Reiterated 02/21/26

The score reflects a strong technical uptrend and solid profitability/balance-sheet profile, offset by weak recent free cash flow (negative FCF) and a stretched valuation (high P/E and low yield).

Positive Factors

Semiconductor substrate market position

IBIDEN’s core business is manufacturing IC package substrates and high-density substrates. These products require lengthy customer qualification and long-term supply relationships, creating high switching costs and structural demand from advanced packaging trends, supporting durable revenue streams.

Healthy profitability margins

Sustained gross and net margins indicate structural cost control and pricing power in core products. Combined with returning top-line growth, these margins support long-term earnings power across semiconductor cycles and provide buffer versus periodic demand volatility.

Manageable leverage and equity base

A moderate debt/equity ratio and a growing equity base reduce solvency risk and support financing for capex or expansion. Improving leverage enhances financial flexibility and positions the company to weather cyclical downturns while investing in capacity or technology.

Negative Factors

Negative free cash flow

A sizeable negative FCF reduces reinvestment optionality and restricts the firm’s ability to self-fund capex, pay higher dividends, or de-lever. If prolonged, it can force external financing or cutbacks, weakening strategic flexibility over the medium term.

Weak cash conversion relative to earnings

Earnings not translating into cash suggests working-capital strain or heavy reinvestment. Poor cash conversion undermines the apparent profitability quality and increases cyclicality of available funds for R&D, capacity build-out, or shareholder returns.

Modest returns on shareholder capital

A mid-single-digit return on capital indicates limited efficiency in deploying equity versus prior peaks. Persistently modest returns may constrain long-term shareholder value creation and raise scrutiny on capital allocation priorities amid capital-intensive industry needs.

IBIDEN CO Business Overview & Revenue Model

Company Description

Ibiden Co.,Ltd. provides electronic and ceramics products in Japan, Asia, North America, Europe, and internationally. It operates through Electronics, Ceramics, and Construction segments. The company offers IC package substrate for use in data centers, personal computers, automotive electronics, and entertainment; printed circuit board for smart phones, data centers, and automotive electronics applications; diesel particulate filters; and automobile exhaust system parts for use in automobiles, buses, trucks, construction vehicles, and agricultural machines. It also provides SCR Catalyst Substrates for diesel vehicles, power stations, marine engines, diesel locomotive, glasswork, and cement works applications; ceramic honeycomb substrates for heat storage media and casting filter applications; high temperature insulating wool; and graphite specialty products. In addition, the company engages in the manufacturing and selling of the decorative interior laminates; design and construction of facilities; environmental engineering technology business; medical software package development; sale of information and communication terminals; and sale of welfare vehicles. The company was formerly known as Ibigawa Electric Power Co., Ltd. and changed its name to Ibiden Co., Ltd. in November 1982. Ibiden Co., Ltd. was founded in 1912 and is headquartered in Ogaki, Japan.

How the Company Makes Money

IBIDEN generates revenue primarily through the sale of its electronic components, particularly printed circuit boards and semiconductor packaging materials, which are essential for a wide range of electronic devices. The company benefits from long-term contracts and partnerships with major technology firms, ensuring a steady stream of orders. Additionally, the Ceramics segment contributes to revenue by supplying high-performance ceramic products to the automotive and industrial sectors. The company's focus on research and development allows it to innovate and offer advanced materials, which can command higher prices and maintain competitive advantages in the market.

IBIDEN CO Financial Statement Overview

Summary

Income statement is solid (score 72) with modest TTM revenue growth (+3.8%) and healthy margins (~31% gross, ~10% net), and the balance sheet is reasonably resilient (score 68) with manageable leverage (~0.56x debt/equity). The key drag is cash flow quality (score 38): despite strong operating cash flow, free cash flow is negative (about -¥7.7B) and weaker than the prior period, reducing flexibility.

Income Statement

TTM (Trailing-Twelve-Months) revenue returned to modest growth (+3.8%) after a flat-to-down stretch in the last two annual periods, indicating stabilization. Profitability remains solid for the group, with about a 31% gross margin and a ~10% net margin in TTM, though these are below the stronger 2023 annual peak (higher net margin and operating profitability). Overall, earnings power is healthy, but margin compression versus prior highs and uneven top-line momentum keep the score below the top tier.

Balance Sheet

Leverage looks manageable with debt at ~0.56x equity in TTM, improving from the higher debt load seen in 2024–2025 annual periods. Equity has grown meaningfully over time, supporting balance-sheet resilience, but returns on shareholder capital are modest in TTM (~6.9%) versus the stronger 2022–2023 levels. In short: improving leverage profile and a solid equity base, tempered by mid-level returns.

Cash Flow

Operating cash generation is strong in absolute terms in TTM, but free cash flow is negative (about -¥7.7B) and sharply worse versus the prior annual period, signaling heavier reinvestment or working-capital pressure. Cash conversion is also a concern: in TTM, free cash flow is negative relative to net income, which reduces financial flexibility. The company has demonstrated it can generate positive free cash flow in some years, but the recent swing back to negative keeps this score weak.

Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	397.72B	369.44B	370.51B	417.55B	401.14B	323.46B
Gross Profit	124.35B	111.58B	102.47B	127.52B	120.08B	85.45B
EBITDA	98.16B	106.96B	94.42B	127.28B	112.48B	67.86B
Net Income	39.90B	33.70B	31.49B	52.19B	41.23B	25.70B
Balance Sheet
Total Assets	1.05T	1.08T	1.13T	857.51B	664.33B	578.52B
Cash, Cash Equivalents and Short-Term Investments	340.73B	390.66B	443.58B	302.42B	185.59B	126.88B
Total Debt	302.74B	343.06B	385.05B	270.20B	170.23B	158.95B
Total Liabilities	504.57B	584.38B	628.20B	431.90B	293.61B	256.66B
Stockholders Equity	542.40B	490.50B	494.94B	419.24B	364.57B	315.91B
Cash Flow
Free Cash Flow	-7.72B	-78.59B	58.81B	21.72B	41.16B	-37.57B
Operating Cash Flow	123.40B	118.89B	145.23B	125.75B	108.37B	38.95B
Investing Cash Flow	-96.48B	-164.18B	-77.27B	-104.02B	-67.72B	-82.34B
Financing Cash Flow	-47.70B	-7.11B	67.53B	92.58B	13.94B	-6.24B

IBIDEN CO Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 9537.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:4062, the sentiment is Positive. The current price of 9537 is above the 20-day moving average (MA) of 8583.90, above the 50-day MA of 7794.36, and above the 200-day MA of 5100.48, indicating a bullish trend. The MACD of 536.33 indicates Negative momentum. The RSI at 62.41 is Neutral, neither overbought nor oversold. The STOCH value of 63.57 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:4062.

IBIDEN CO Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
5214	76 Outperform	¥555.24B	17.99	-0.30%	2.16%	1.90%	-105.45%
4186	75 Outperform	¥1.14T	33.11	14.01%	1.08%	19.45%	41.03%
4980	70 Outperform	¥443.63B	16.99	―	2.18%	-6.10%	-7.03%
6762	67 Neutral	¥4.60T	24.54	―	1.41%	7.73%	-1.93%
6728	62 Neutral	¥516.13B	41.36	6.61%	2.35%	-9.06%	-35.95%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
4062	61 Neutral	¥2.67T	66.74	6.81%	0.40%	5.18%	3.36%

IBIDEN CO Corporate Events

IBIDEN to Invest ¥500 Billion in Expanding IC Package Substrate Capacity for AI and High-Performance Servers

IBIDEN’s board has approved a major capital investment plan of approximately 500 billion yen over fiscal years 2026 to 2028 to expand production capacity for high-performance IC package substrates as part of its drive to meet fiscal 2030 targets. As the first phase, the company will invest about 220 billion yen primarily in its existing Gama Plant and other domestic and overseas sites, with sequential operations and mass production to begin from fiscal 2027, enabling it to meet rising demand from AI and high-performance server markets while having only an immaterial impact on current-year consolidated results.

The most recent analyst rating on (JP:4062) stock is a Buy with a Yen9093.00 price target. To see the full list of analyst forecasts on IBIDEN CO stock, see the JP:4062 Stock Forecast page.

IBIDEN Lifts Profits on Strong Electronics Demand, Raises Earnings Efficiency Ahead of Stock Split

IBIDEN reported consolidated net sales of ¥298.6 billion for the nine months ended December 31, 2025, up 10.5% year on year, with operating profit rising 27.7% to ¥44.5 billion and profit attributable to owners of parent increasing 25.0% to ¥31.0 billion, reflecting improved profitability and a stronger capital adequacy ratio of 51.5%. Growth was driven mainly by the Electronics segment, where sales climbed 18.2% and operating profit surged 65.9%, while the Ceramics segment saw a slight decline in sales and a sharp fall in operating profit, partially offset by modest gains in the Others segment; the company maintained a full-year forecast of ¥420.0 billion in sales and ¥61.0 billion in operating profit, and highlighted the impact of a 2-for-1 stock split on reported earnings per share.

The most recent analyst rating on (JP:4062) stock is a Buy with a Yen9093.00 price target. To see the full list of analyst forecasts on IBIDEN CO stock, see the JP:4062 Stock Forecast page.

IBIDEN Delivers Strong Q3 FY2025 Results and Confirms Upbeat Full-Year Outlook

IBIDEN Co., Ltd. reported consolidated results for the third quarter of fiscal 2025 showing a solid rebound in performance, with net sales rising 10.5% year on year to ¥298.6 billion and operating profit jumping 27.7% to ¥44.5 billion, while profit attributable to owners of the parent climbed 25.0% to ¥31.0 billion. Earnings per share also improved, and the company’s financial position strengthened as total assets reached ¥1.05 trillion and the capital adequacy ratio increased to 51.5%, underpinned by higher owners’ equity. Management kept its full-year forecast unchanged, projecting 13.7% growth in net sales to ¥420.0 billion and a 9.8% rise in full-year profit attributable to owners of the parent to ¥37.0 billion, and flagged the impact of a two-for-one stock split effective 1 January 2026 on per-share indicators and dividend figures, while effectively maintaining the underlying annual dividend level on a pre-split basis.

The most recent analyst rating on (JP:4062) stock is a Buy with a Yen9093.00 price target. To see the full list of analyst forecasts on IBIDEN CO stock, see the JP:4062 Stock Forecast page.

IBIDEN to Tender Entire Toyota Industries Stake, Booking ¥44.2 Billion Extraordinary Gain

IBIDEN has decided to tender all 2,763,000 shares it holds in Toyota Industries Corporation into a takeover bid launched by Toyota Asset Preparatory Co., Ltd., in line with its previously announced policy to reduce cross-shareholdings and improve capital efficiency. The sale, at a planned purchase price of ¥18,800 per share for total proceeds of approximately ¥51.9 billion, is expected to generate an extraordinary gain of about ¥44.2 billion in the fiscal year ending March 31, 2026, with the company indicating that the funds will be directed mainly toward strategic investments to support sustainable growth, potentially strengthening its financial position and future competitiveness.

The most recent analyst rating on (JP:4062) stock is a Buy with a Yen8100.00 price target. To see the full list of analyst forecasts on IBIDEN CO stock, see the JP:4062 Stock Forecast page.