Immuno-Biological Laboratories Co., Ltd. (4570) AI Stock Analysis

• Market Cap: ¥15.70B
• Dividend Yield: N/A
• Average Volume (3M): 23.51K
• Price to Earnings (P/E): 43.2
• Beta (1Y): 0.88
• Revenue Growth: 12.91%
• EPS Growth: 37.96%
• Country: JP
• Employees: 57
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): 11.44
• Shares Outstanding: 9,314,590
• 10 Day Avg. Volume: 28,690
• 30 Day Avg. Volume: 23,506
• PEG Ratio: 0.54
• Price to Book (P/B): 2.95
• Price to Sales (P/S): 4.61
• P/FCF Ratio: 36.10
• 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: 72 Outperform
• Price Target: ¥1,813.00 ▲(29.13% Upside)
• Action: Upgraded Date: 12/31/25
• Date: Action: Upgraded 12/31/25

The score is driven primarily by improved financial performance (strong margins, profitability turnaround, low leverage) and a clear positive price trend with supportive momentum. These strengths are tempered by a rich valuation (P/E 55.3) and no dividend yield data.

Positive Factors

High and Sustainable Margins

The company reports very high gross margin (64.8%) and a strong net margin (25.7%) after a profitability turnaround. These margins reflect a favorable product mix and operational efficiency, creating durable earnings power and margin cushions for R&D and investment over the medium term.

Conservative Balance Sheet

Low leverage and a high equity ratio signal strong capitalization and financial flexibility. This conservative balance sheet reduces financing risk, supports sustained investment in product development or selective M&A, and provides downside protection in cyclical research and diagnostic markets.

Recurring Revenue & Cash Generation

Recurring consumables sales and contract service work drive predictable, repeat demand; rising operating cash flow and a 0.74 OCF-to-net-income ratio show strong cash conversion. That cash durability supports ongoing product support, working capital needs, and reinvestment.

Negative Factors

Limited Scale

A small headcount limits commercial reach, R&D throughput, and scalability relative to larger peers. Over the medium term this can constrain new product development, geographic expansion, and the ability to absorb personnel turnover or execute large institutional contracts.

Modest Revenue Growth

Top-line growth near 9% is positive but modest for a life‑science specialist. Without faster revenue expansion or broader product penetration, the company may face limits to market share gains and slower compounding of earnings, requiring strategic initiatives to accelerate growth.

Narrow Product and Market Focus

Concentration in research-use and diagnostic immunoassay products and a Japan base create exposure to academic funding cycles, local regulatory shifts, and limited geographic diversification. This narrow footprint increases sensitivity to sector-specific demand swings and competitive pressure.

Immuno-Biological Laboratories Co., Ltd. Business Overview & Revenue Model

Company Description

Immuno-Biological Laboratories Co., Ltd. engages in the research, development, manufacturing, and supply of various immunological research reagents worldwide. The company offers ELILSA, an assay kit to quantitatively measure targeted substances; and support research services on Alzheimer's disease, metabolic syndrome, and cancer, as well as customized services for production of customized antibodies and development of ELISA systems. It also provides LipoSEARCH, a customized services for profiling and analyzing of lipoprotein through gel-filtration high performance liquid chromatography method that can profile various clinical samples, such as tiny plasma or serum samples from both small animals and human beings for broad range of research fields including lipid metabolism, development of drugs for life-style related diseases, development of functional supplemental foods, and clinical studies. In addition, the company offers LipoTEST, a support tool for diagnostic and health checks at animal clinics; and customized biomarker testing services for Life-style related diseases. Further, it operates protein production business using transgenic silkworms for manufacturing of antibodies for research reagents and diagnostic products; human collagen for cosmetic materials; development of proteins for use in drugs; and other proteins production. The company was incorporated in 1982 and is headquartered in Fujioka, Japan.

How the Company Makes Money

Immuno-Biological Laboratories generates revenue through the sale of its diagnostic products and reagents to hospitals, clinics, and laboratories. The company's revenue model is based on direct sales of its proprietary immunoassay kits and related products, which are designed to meet the needs of healthcare providers for accurate and timely diagnostics. Additionally, the company may engage in partnerships and collaborations with pharmaceutical firms and research organizations to develop new diagnostic solutions, creating further revenue opportunities. Other potential revenue streams include licensing agreements for its technologies and services related to product training and support for healthcare professionals using its products.

Immuno-Biological Laboratories Co., Ltd. Financial Statement Overview

Summary

Strong operating performance driven by solid revenue growth, robust 64.8% gross margin, and a meaningful profitability turnaround with a 25.7% net margin. Balance sheet leverage is conservative (debt-to-equity 0.13) with high equity ratio (82.0%), while cash generation is improving with supportive operating cash flow and a 0.74 OCF-to-net-income ratio.

Income Statement

Immuno-Biological Laboratories has demonstrated strong revenue growth over the years. The gross profit margin is robust at 64.8% for 2025, indicating efficient cost management. The net profit margin improved significantly to 25.7% in 2025, showing a turnaround from losses in previous years. Both EBIT and EBITDA margins have improved, reflecting better operational efficiency.

Balance Sheet

The company maintains a strong balance sheet with a low debt-to-equity ratio of 0.13 in 2025, indicating prudent leverage. A high equity ratio of 82.0% suggests strong capitalization. The return on equity stands at 16.4%, reflecting improved profitability and efficient use of equity.

Cash Flow

The operating cash flow has increased significantly, supporting positive free cash flow growth. The operating cash flow to net income ratio is 0.74, indicating strong cash generation relative to profitability. The company has shown consistent improvement in cash flow management, enhancing financial flexibility.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	951.89M	969.53M	816.70M	794.62M	647.58M	602.75M
Gross Profit	632.07M	628.34M	517.29M	526.71M	376.70M	346.86M
EBITDA	225.22M	226.55M	128.11M	-332.00M	-249.50M	-309.88M
Net Income	258.63M	249.05M	186.69M	-289.73M	-258.77M	-318.83M
Balance Sheet
Total Assets	1.92B	1.85B	1.62B	1.43B	1.71B	1.84B
Cash, Cash Equivalents and Short-Term Investments	903.75M	825.73M	734.14M	614.16M	508.35M	604.19M
Total Debt	196.94M	204.23M	235.98M	234.99M	234.00M	90.00M
Total Liabilities	343.43M	331.03M	353.27M	355.72M	336.99M	208.76M
Stockholders Equity	1.58B	1.51B	1.27B	1.08B	1.37B	1.63B
Cash Flow
Free Cash Flow	0.00	123.83M	115.11M	26.46M	-93.20M	-207.60M
Operating Cash Flow	0.00	183.50M	133.78M	26.46M	-93.20M	-194.15M
Investing Cash Flow	0.00	-53.66M	-24.50M	30.04M	-155.63M	-17.23M
Financing Cash Flow	0.00	-31.75M	991.00K	991.00K	144.00M	-216.00M

Immuno-Biological Laboratories Co., Ltd. Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 1404.00
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:4570, the sentiment is Neutral. The current price of 1404 is below the 20-day moving average (MA) of 1639.50, below the 50-day MA of 1658.62, and above the 200-day MA of 934.05, indicating a neutral trend. The MACD of 15.25 indicates Positive momentum. The RSI at 48.77 is Neutral, neither overbought nor oversold. The STOCH value of 17.40 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for JP:4570.

Immuno-Biological Laboratories Co., Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
4570	72 Outperform	¥15.70B	43.15	―	―	12.91%	37.96%
4978	59 Neutral	¥17.82B	-54.84	―	―	1.24%	-33.41%
7774	55 Neutral	¥32.33B	-70.05	―	―	-5.65%	-469.19%
4974	52 Neutral	¥138.12B	-19.18	―	2.18%	-0.16%	-802.20%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
7776	49 Neutral	¥14.17B	-11.63	―	―	-42.49%	-2.37%
4599	43 Neutral	¥19.24B	-10.06	―	―	―	11.34%