M-mart, Inc. (4380) AI Stock Analysis

• Market Cap: ¥6.12B
• Dividend Yield: 1.65%
• Average Volume (3M): 9.25K
• Price to Earnings (P/E): 14.9
• Beta (1Y): 0.32
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: JP
• Employees: 66
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Grocery Stores
• EPS (TTM): 21.98
• Shares Outstanding: 4,890,800
• 10 Day Avg. Volume: 3,760
• 30 Day Avg. Volume: 9,246
• PEG Ratio: 2.45
• Price to Book (P/B): 3.03
• Price to Sales (P/S): 4.25
• P/FCF Ratio: 15.55
• 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: 80 Outperform
• Price Target: ¥1,500.00 ▲(15.12% Upside)
• Action: N/A Date: 01/04/26
• Date: Action: N/A 01/04/26

The score is driven primarily by strong financial performance: very high and improving profitability, steady revenue expansion, and an exceptionally conservative zero-debt balance sheet, with generally supportive free cash flow. Technical signals are neutral-to-mildly positive (not a strong momentum setup), while valuation appears fair with a moderate dividend yield.

M-mart, Inc. Business Overview & Revenue Model

Company Description

M - Mart Inc. engages in the e-marketplace business in Japan. It is involved in the unmanned wholesale sale of products through the open market of the internet with buyers in the food and beverage industry, accommodation industry, ready-to-eat industry, etc. The company was incorporated in 2000 and is based in Tokyo, Japan.

How the Company Makes Money

M-mart, Inc. Financial Statement Overview

Summary

Strong multi-year revenue growth with a sharp acceleration in the latest year and meaningfully expanded, very high gross/operating/net margins. Balance sheet is exceptionally safe with zero debt and rising equity/assets, while free cash flow tracks net income well; the main risk flag is some variability in operating cash flow versus earnings.

Income Statement

Revenue has grown steadily from 2020 to 2025, with a particularly strong jump in the latest year. Profitability is a major standout: gross, operating, and net margins have expanded meaningfully over time and remain very high in the most recent period, indicating strong operating leverage. The main offset is that growth has been somewhat uneven year-to-year (sharp acceleration most recently after more moderate growth previously), which adds some sustainability risk if that pace normalizes.

Balance Sheet

The balance sheet is exceptionally conservative with zero debt across all reported periods, providing high financial flexibility and low solvency risk. Equity and total assets have been rising consistently, and returns on equity are strong, though they eased modestly in the latest year versus the prior year. Overall strength is driven by the combination of no leverage and solid profitability, with limited weaknesses visible in the provided data.

Cash Flow

Cash generation is strong: free cash flow closely tracks net income in every year, suggesting earnings quality is solid and profits are converting into cash. Free cash flow has also increased over time, with a very large increase in the latest year. The key watch item is volatility in operating cash flow relative to earnings (the provided coverage measure is consistently below 1 and moved around year-to-year), which suggests working-capital timing or cash-flow variability despite strong overall cash production.

Breakdown	TTM	Jan 2025	Jan 2024	Jan 2023	Jan 2022	Jan 2021
Income Statement
Total Revenue	1.34B	1.29B	1.17B	986.05M	902.94M	777.61M
Gross Profit	587.19M	521.64M	483.91M	349.94M	270.10M	178.11M
EBITDA	576.18M	525.30M	486.76M	352.54M	272.71M	179.81M
Net Income	389.79M	345.94M	324.89M	235.02M	182.56M	119.22M
Balance Sheet
Total Assets	2.90B	2.66B	2.31B	1.90B	1.62B	1.40B
Cash, Cash Equivalents and Short-Term Investments	2.34B	2.22B	1.96B	1.60B	1.37B	1.18B
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	993.00M	847.46M	751.99M	606.87M	510.16M	427.64M
Stockholders Equity	1.91B	1.81B	1.56B	1.29B	1.11B	975.00M
Cash Flow
Free Cash Flow	428.00M	353.71M	422.38M	277.81M	232.22M	193.63M
Operating Cash Flow	435.00M	354.58M	426.27M	285.34M	232.63M	200.94M
Investing Cash Flow	-29.50M	-30.86M	-33.40M	-38.03M	-29.91M	-35.81M
Financing Cash Flow	-102.50M	-88.01M	-63.69M	-48.81M	-48.79M	-24.55M

M-mart, Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
4380	80 Outperform	¥6.12B	14.87	―	1.65%	―	―
8198	78 Outperform	¥119.81B	10.89	―	1.92%	2.30%	26.52%
9974	76 Outperform	¥168.39B	13.58	―	1.64%	10.13%	23.77%
8167	74 Outperform	¥60.28B	11.45	―	3.31%	4.92%	19.73%
2742	72 Outperform	¥105.07B	11.22	―	1.47%	7.75%	-1.68%
8194	72 Outperform	¥235.24B	13.04	―	2.43%	4.48%	13.17%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%