AMIYA Corporation (4258) AI Stock Analysis

• Market Cap: ¥26.46B
• Dividend Yield: N/A
• Average Volume (3M): 123.70K
• Price to Earnings (P/E): 33.6
• Beta (1Y): 1.15
• Revenue Growth: 26.45%
• EPS Growth: 98.86%
• Country: JP
• Employees: 196
• Sector: Technology
• Sector Strength: 88
• Industry: Information Technology Services
• EPS (TTM): 26.49
• Shares Outstanding: 8,830,400
• 10 Day Avg. Volume: 184,240
• 30 Day Avg. Volume: 123,703
• PEG Ratio: 0.36
• Price to Book (P/B): 9.02
• Price to Sales (P/S): 4.30
• P/FCF Ratio: 19.84
• 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: 64 Neutral
• Price Target: ¥3,064.00 ▼(-0.68% Downside)
• Action: Reiterated Date: 02/27/26
• Date: Action: Reiterated 02/27/26

The score is supported primarily by strong financial performance (growth, improving profitability, and robust recent free cash flow), but is held back by weak technical conditions (price below key moving averages with negative MACD) and a relatively high P/E with limited dividend support.

Positive Factors

Multi-year Revenue Growth

Sustained revenue expansion over multiple years demonstrates growing market demand and successful commercial execution. This scale increase supports continued investment in product and sales, spreads fixed costs, and provides a durable base for future margin and cash-flow improvement if growth is maintained.

Improving Profitability

A pronounced margin step-up reflects improved operating leverage and pricing or cost control gains that are likely sustainable if the company preserves its cost structure and revenue mix. Higher margins increase internal funding capacity and resilience to competitive or macro pressures over the medium term.

Strong Free Cash Flow Generation

High free cash flow nearly matching net income indicates earnings quality and real cash conversion, supporting reinvestment, debt service, and shareholder returns. Persistent positive FCF provides durable financial flexibility, though continued consistency must be monitored across cycles.

Negative Factors

Gross Margin Erosion

A multi-year decline in gross margins signals structural pricing pressure or rising direct costs that can erode long-term profitability. If this trend persists it will limit the upside from revenue growth and require ongoing efficiency gains or pricing power to sustain current net and EBIT margins.

Cash-Flow Volatility and Low Coverage

Although headline FCF is strong, low coverage ratios and historical volatility mean working-capital swings can materially affect liquidity. This reduces margin for error during downturns and increases reliance on consistent operating performance to fund capex, pay obligations, and support growth.

Higher Absolute Debt Since 2023

Rising absolute indebtedness raises fixed obligations and heightens sensitivity to any earnings slip. Even with a moderate debt-to-equity ratio, higher nominal debt amplifies refinancing and interest risks and makes sustaining momentum and cash conversion more critical to preserve balance-sheet flexibility.

AMIYA Corporation Business Overview & Revenue Model

Company Description

AMIYA Corporation develops, manufactures, and sells cybersecurity products and services. The company designs and operates information security and network infrastructure products; develops and sells security and cloud network products; detects and operates cyber security products. It also operates information system services. In addition, the company offers ALog ConVerter, a server access log management system; ALog SMASH, a server access log management system for small and medium-sized enterprises; ALog ConVerter DB, a database log management system; ALog EVA, a security information and management system product; and Resource Athlete, a server management system. Further, it provides Amigram, a virtual network management platform; Verona, a cloud virtual private network service; Hypersonix, a wi-fi remote management service; and Running Supporter, a Remote IS service. The company serves in Japan, Taiwan, China, Hong Kong, Thailand, Vietnam, Singapore, Malaysia, Indonesia, the United States, and the United Kingdom. AMIYA Corporation was incorporated in 1996 and is headquartered in Tokyo, Japan.

How the Company Makes Money

AMIYA Corporation generates revenue through multiple streams, primarily by selling consumer electronics and home appliances directly to retailers and through its online platforms. The company benefits from a robust supply chain and strategic partnerships with key distributors, which enhance its market reach. Additionally, AMIYA offers value-added services such as extended warranties and customer support, which contribute to its revenue. The company also engages in collaborative projects with tech firms and service providers, further diversifying its income sources and strengthening its market position.

AMIYA Corporation Financial Statement Overview

Summary

Fundamentals are strong overall: multi-year revenue growth with a notable margin step-up in 2025 (net margin ~12.7% vs ~8.1% in 2024) and solid recent free cash flow that closely matches net income. Key risks are a longer-term drift down in gross margin from earlier peaks and cash-flow volatility/low cash-flow coverage metrics despite strong headline cash generation.

Income Statement

Strong multi-year growth and improving profitability. Revenue rose from 2.31B (2020) to 5.94B (2025), with 2025 growth accelerating to ~12.5% after a flat 2024. Margins are solid for the sector and generally improving recently: 2025 gross margin ~47.9%, EBIT margin ~17.7%, and net margin ~12.7% versus 2024 net margin ~8.1%. Main watch-out: gross margin has drifted down from the 2020–2022 peak (~52–57%), suggesting some pricing/expense pressure even as operating leverage improved.

Balance Sheet

Overall healthy capitalization with moderate leverage and strong returns. Equity increased meaningfully (0.47B in 2020 to 2.83B in 2025), supporting growth. Leverage is manageable with debt-to-equity at ~0.36 in 2025 (improved from ~0.50 in 2024), though higher than the very low-leverage period in 2021–2022. Return on equity is attractive (~26.6% in 2025), indicating efficient use of shareholder capital, but the step-up in absolute debt since 2023 raises the importance of sustaining current earnings momentum.

Cash Flow

Cash generation is strong in the last three years, with 2025 operating cash flow at 1.30B and free cash flow at 1.29B, and free cash flow closely matching net income (~0.99x) indicating good earnings quality. However, cash flow has shown volatility (notably negative operating and free cash flow in 2022), and the provided operating cash flow coverage ratio remains low (~0.33–0.40 in 2023–2025), suggesting cash conversion/working-capital dynamics can swing and should be monitored despite high absolute cash flow.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	5.28B	5.94B	4.77B	3.56B	2.99B	2.76B
Gross Profit	2.27B	2.84B	1.96B	1.72B	1.56B	1.46B
EBITDA	855.92M	1.15B	673.28M	538.63M	379.65M	329.51M
Net Income	514.25M	751.74M	384.90M	325.66M	229.64M	183.78M
Balance Sheet
Total Assets	6.08B	6.94B	5.42B	3.78B	2.80B	2.85B
Cash, Cash Equivalents and Short-Term Investments	4.08B	4.56B	3.58B	1.91B	1.37B	1.89B
Total Debt	1.01B	1.01B	1.07B	399.10M	54.78M	135.02M
Total Liabilities	3.53B	4.11B	3.28B	1.99B	1.37B	1.41B
Stockholders Equity	2.54B	2.83B	2.13B	1.79B	1.42B	1.44B
Cash Flow
Free Cash Flow	0.00	1.29B	1.12B	325.61M	-194.79M	263.93M
Operating Cash Flow	0.00	1.30B	1.18B	528.63M	-110.90M	299.49M
Investing Cash Flow	0.00	-85.72M	-126.11M	-266.57M	-87.81M	-26.95M
Financing Cash Flow	0.00	-233.60M	618.49M	264.36M	-326.80M	698.79M

AMIYA Corporation Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 3085.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:4258, the sentiment is Positive. The current price of 3085 is above the 20-day moving average (MA) of 3013.20, above the 50-day MA of 3052.55, and below the 200-day MA of 3266.00, indicating a neutral trend. The MACD of -13.07 indicates Positive momentum. The RSI at 50.34 is Neutral, neither overbought nor oversold. The STOCH value of 26.88 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:4258.

AMIYA Corporation Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
3393	74 Outperform	¥30.63B	13.84	―	4.36%	12.32%	10.42%
3844	73 Outperform	¥47.78B	14.97	17.50%	2.88%	5.62%	3.81%
3655	70 Outperform	¥58.97B	606.48	―	0.28%	8.64%	-23.20%
4725	65 Neutral	¥32.65B	10.11	10.34%	4.82%	-3.03%	38.83%
4258	64 Neutral	¥26.46B	33.58	―	―	26.45%	98.86%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
5255	39 Underperform	¥8.60B	-16.30	―	―	-29.41%	79.74%