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

• Market Cap: ¥13.02B
• Dividend Yield: N/A
• Average Volume (3M): 23.51K
• Price to Earnings (P/E): 41.4
• Beta (1Y): 0.93
• 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: ¥1,552.00 ▲(10.54% 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

Robust margins & profitability

High gross margin (64.8%) and a 25.7% net margin indicate durable product-level economics and operating leverage. For a reagents/consumables business, such margins support reinvestment in R&D and stable cash generation, making profitability sustainable over months.

Conservative balance sheet

Very low leverage and a high equity ratio provide financial flexibility to fund growth, absorb shocks, and invest in capacity or product development without dependence on costly external financing, reducing structural refinancing and solvency risk.

Improving cash generation

A 0.74 OCF-to-net-income ratio and rising operating cash flow show improved cash conversion. Reliable cash generation supports organic growth, funds working capital for consumables production, and lowers long-term reliance on external capital.

Negative Factors

Modest revenue growth

Revenue growth near 8.8% is positive but modest for biotech/life-science peers. Slower top-line expansion can limit scale benefits, make R&D payback longer, and require sustained margin performance or M&A to materially accelerate enterprise growth.

Small organizational scale

A 57-person headcount suggests constrained internal capacity for simultaneous R&D, regulatory support, and commercial expansion. Limited scale can slow new product rollout, constrain large contract fulfillment, and raise execution risk as demand grows.

Prior losses / profitability volatility

The company reports a profitability turnaround, implying prior losses. Historical volatility in earnings increases risk that margins or net income could revert if demand softens or costs rise, necessitating sustained execution to lock in improvements.

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

The company primarily makes money by selling life-science and diagnostic products and by providing related services. Key revenue streams include: (1) Product sales to research and clinical/diagnostic customers, such as antibodies, ELISA kits, and other immunoassay reagents/consumables; revenue is generated per unit sold, with recurring demand driven by repeat purchases of consumables and replacement reagents. (2) Service revenue from contract work tied to immunoassays and reagent development (e.g., custom antibody/assay development and other research-support services), typically billed per project, milestone, or deliverable. Additional material details on significant partnerships, customer concentration, or segment-level revenue breakdowns are null.

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	332.03M	354.25M	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: Negative
• Last Price: 1404.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:4570, the sentiment is Negative. The current price of 1404 is below the 20-day moving average (MA) of 1528.00, below the 50-day MA of 1593.04, and above the 200-day MA of 1007.58, indicating a neutral trend. The MACD of -56.28 indicates Positive momentum. The RSI at 40.36 is Neutral, neither overbought nor oversold. The STOCH value of 40.39 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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	¥13.02B	41.40	―	―	12.91%	37.96%
4978	56 Neutral	¥16.02B	120.78	―	―	1.24%	-33.41%
7774	54 Neutral	¥24.81B	-34.16	―	―	-5.65%	-469.19%
4974	52 Neutral	¥138.12B	-8.84	―	2.18%	-0.16%	-802.20%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
7776	49 Neutral	¥12.00B	-8.85	―	―	-42.49%	-2.37%
4599	43 Neutral	¥18.55B	-11.30	―	―	―	11.34%