Tigers Polymer Corporation (4231) AI Stock Analysis

• Market Cap: ¥25.87B
• Dividend Yield: 5.21%
• Average Volume (3M): 33.51K
• Price to Earnings (P/E): 6.4
• Beta (1Y): 1.04
• Revenue Growth: 0.91%
• EPS Growth: 100.31%
• Country: JP
• Employees: 1,988
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Chemicals - Specialty
• EPS (TTM): 31.16
• Shares Outstanding: 20,111,597
• 10 Day Avg. Volume: 24,590
• 30 Day Avg. Volume: 33,506
• PEG Ratio: 0.33
• Price to Book (P/B): 0.32
• Price to Sales (P/S): 0.29
• P/FCF Ratio: 4.52
• 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: 79 Outperform
• Price Target: ¥1,309.00 ▲(32.89% Upside)
• Action: Upgraded Date: 02/11/26
• Date: Action: Upgraded 02/11/26

The score is driven primarily by strong financial health (high equity backing, low leverage, and improving profitability) and very compelling valuation (low P/E and high dividend yield). These positives are partially offset by overbought technical conditions (high RSI/Stochastic), which suggests elevated near-term volatility despite an uptrend.

Positive Factors

Strong Balance Sheet

A very high equity ratio and negligible debt provide durable financial flexibility, allowing the company to fund capex, maintain dividends, or pursue opportunistic M&A without relying on volatile external financing. This resilience supports long-term stability through cycles.

Improving Profitability & Margins

Consistent gross and improving net and EBITDA margins indicate efficient production and operating control. Sustainable margins enhance cash generation potential and provide a buffer against raw material swings, supporting reinvestment and shareholder returns over time.

Solid Cash Conversion

Operating cash flow comfortably exceeds reported earnings and FCF is near parity with net income, showing the business converts profits into cash. Strong cash conversion underpins the ability to self-fund working capital, capex, and dividends without heavy borrowing.

Negative Factors

Free Cash Flow Volatility

A steep decline in FCF growth signals variability in cash available after investments. Persistent volatility can force management to delay capex, cut discretionary spending, or alter dividends, making long-term planning and capital allocation more uncertain despite healthy ratios.

Modest Revenue Growth

Revenue growth at low single digits limits the company's ability to scale fixed-cost leverage and expand market share. In specialty chemicals, modest topline expansion can constrain long-term margin improvement and reduce the runway for significant earnings growth relative to faster-growing peers.

Relatively Low Return on Equity

ROE under 8% implies modest efficiency in converting shareholder capital into profit, especially given the large equity base. Over time, this may pressure returns for equity holders unless management can deploy capital into higher-return projects or improve operational productivity.

Tigers Polymer Corporation Business Overview & Revenue Model

Company Description

Tigers Polymer Corporation manufactures and sells rubber hose and industrial rubber products primarily to automotive, electrics, construction and housing, and industrial materials markets worldwide. It offers home appliance hoses for vacuum cleaners, washing machines, and air conditioners; and industrial hoses for use in general industrial, civil engineering and construction, residential, and other fields. The company also provides sheets for use in packing materials, cushioning materials, etc., as well as mats for entrances. In addition, it offers rubber and resin molded products. The company was formerly known as Tigers Rubber Inc. and changed its name to Tigers Polymer Corporation in June 1973. Tigers Polymer Corporation was founded in 1938 and is headquartered in Osaka, Japan.

How the Company Makes Money

Tigers Polymer Corporation generates revenue through the production and sale of its specialty polymer and rubber products. The company primarily earns income from direct sales to manufacturers in key industries such as automotive, where demand for high-quality, durable components is critical. Additionally, Tigers Polymer may engage in custom manufacturing projects, providing tailored solutions that meet specific client requirements. Strategic partnerships with other manufacturers and suppliers bolster its market presence and enable access to larger client bases. The company's focus on innovation and developing proprietary technologies also allows it to command premium pricing for its advanced materials, contributing to significant profit margins.

Tigers Polymer Corporation Financial Statement Overview

Summary

Strong overall fundamentals: steady revenue growth (3.1% in 2025), improving net margin (6.9%), and solid operational profitability (EBITDA margin 12.8%). Balance sheet is a key strength with high equity ratio (72.3%) and very low leverage (D/E 0.06). Main offset is cash flow volatility, with free cash flow growth down 39.1% in 2025 despite healthy cash conversion.

Income Statement

Tigers Polymer Corporation has demonstrated consistent revenue growth with a positive trajectory over the years, achieving a 3.1% growth in 2025. The gross profit margin is stable at approximately 20%, indicating efficient production processes. The net profit margin has improved to 6.9%, reflecting enhanced profitability. EBIT and EBITDA margins are also strong, at 5.7% and 12.8% respectively, showing good operational efficiency. Despite slight fluctuations in EBIT, overall profitability is robust.

Balance Sheet

The company's balance sheet is strong, with a healthy equity ratio of 72.3%, reflecting low financial leverage and a high level of financial stability. The debt-to-equity ratio is low at 0.06, indicating minimal reliance on external debt financing. Return on Equity (ROE) has improved to 7.7%, showcasing effective use of shareholder funds to generate profits. Overall, the company maintains a solid financial position with significant equity backing and low debt levels.

Cash Flow

Tigers Polymer Corporation's cash flow position is solid, with a free cash flow to net income ratio of 0.92 and an operating cash flow to net income ratio of 1.50, indicating efficient cash generation relative to profits. However, the free cash flow growth rate declined by 39.1% in 2025, suggesting some volatility in cash flow generation. Despite this, the overall cash flow metrics indicate a robust capacity to cover operational needs and investments.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	49.76B	49.34B	47.86B	45.29B	40.88B	36.59B
Gross Profit	10.20B	9.93B	9.86B	7.42B	7.29B	6.73B
EBITDA	6.07B	6.32B	7.20B	4.46B	4.45B	3.73B
Net Income	3.39B	3.38B	3.02B	816.45M	831.83M	769.47M
Balance Sheet
Total Assets	59.82B	61.13B	57.29B	51.43B	47.64B	43.88B
Cash, Cash Equivalents and Short-Term Investments	18.53B	20.58B	18.19B	13.41B	11.45B	11.29B
Total Debt	3.08B	2.80B	3.00B	3.20B	2.90B	3.11B
Total Liabilities	14.13B	14.16B	15.01B	14.48B	13.95B	12.30B
Stockholders Equity	42.96B	44.18B	39.93B	34.90B	32.02B	30.15B
Cash Flow
Free Cash Flow	0.00	3.11B	5.10B	1.28B	351.74M	5.87M
Operating Cash Flow	0.00	5.07B	7.71B	3.15B	2.61B	2.84B
Investing Cash Flow	0.00	-3.79B	-3.62B	-2.30B	-2.13B	-2.82B
Financing Cash Flow	0.00	-1.54B	-913.69M	-168.84M	-718.90M	539.32M

Tigers Polymer Corporation Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 985.00
• 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:4231, the sentiment is Positive. The current price of 985 is below the 20-day moving average (MA) of 1145.65, below the 50-day MA of 1046.76, and above the 200-day MA of 929.50, indicating a bullish trend. The MACD of 71.50 indicates Negative momentum. The RSI at 82.63 is Negative, neither overbought nor oversold. The STOCH value of 87.89 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:4231.

Tigers Polymer Corporation Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
4202	80 Outperform	¥435.63B	10.54	9.34%	4.27%	-0.48%	-35.29%
4231	79 Outperform	¥25.87B	6.38	―	5.21%	0.91%	100.31%
4205	79 Outperform	¥408.97B	12.16	9.65%	3.91%	0.87%	16.71%
4203	76 Outperform	¥527.48B	20.36	6.52%	1.82%	3.25%	-11.31%
7970	74 Outperform	¥180.92B	17.43	―	2.84%	6.06%	19.76%
4631	65 Neutral	¥419.23B	12.96	8.14%	2.61%	-1.45%	―
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%