Mandom (4917) AI Stock Analysis

• Market Cap: ¥139.90B
• Dividend Yield: 1.45%
• Average Volume (3M): 988.92K
• Price to Earnings (P/E): 67.4
• Beta (1Y): 0.48
• Revenue Growth: 3.95%
• EPS Growth: -25.42%
• Country: JP
• Employees: 2,672
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Household & Personal Products
• EPS (TTM): 10.83
• Shares Outstanding: 48,269,210
• 10 Day Avg. Volume: 356,360
• 30 Day Avg. Volume: 988,916
• PEG Ratio: -1.12
• Price to Book (P/B): 0.85
• Price to Sales (P/S): 0.78
• P/FCF Ratio: 19.05
• 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): 39.3
• Revenue Forecast (FY): ¥78.52B

• Rating: 63 Neutral
• Price Target: ¥3,333.00 ▲(20.85% Upside)
• Action: Reiterated Date: 02/08/26
• Date: Action: Reiterated 02/08/26

The score is driven by a strong, low-leverage balance sheet and positive technical momentum (price above major moving averages, positive MACD). Offsetting these strengths are thin profitability, weak recent cash conversion, and a notably high P/E with only a modest dividend yield.

Positive Factors

Conservative balance sheet

A very low debt-to-equity ratio and sizable equity base provide durable financial flexibility. This conservative capital structure reduces solvency risk, supports investment or M&A optionality, and helps the company withstand demand shocks without needing urgent external financing.

Branded CPG business model

Mandom’s portfolio of branded grooming and beauty products and established retail/distribution networks support recurring demand and high repeat purchase potential. Scale in manufacturing and brand marketing underpins long-term margin resilience and international revenue diversification.

Solid gross margin and revenue recovery

A healthy gross margin provides a structural buffer versus input-cost inflation and enables investment in marketing and new SKUs. The multi-year revenue recovery indicates improving product traction and demand normalization after the 2022 trough, supporting medium-term top-line stability.

Negative Factors

Thin operating and net margins

Modest operating and net margins constrain retained earnings and limit internal funding for R&D, marketing, or capex. Low profitability also raises sensitivity to cost shocks and compresses returns to shareholders, making sustainable margin improvement essential for durable value creation.

Weak cash conversion

Operating cash flow and FCF lagging reported earnings indicate timing or working-capital strains. Poor cash conversion reduces the company’s ability to self-fund growth initiatives, raises refinancing sensitivity, and limits consistent dividend or buyback capacity over the medium term.

Rising debt trend

An uptick in debt, even from a low base, weakens the historically conservative balance sheet and could signal increasing reliance on external funding or elevated working-capital needs. If the trend continues, financial flexibility and borrowing headroom could be meaningfully reduced.

Mandom Business Overview & Revenue Model

Company Description

Mandom Corporation engages in the manufacture and sale of cosmetics, perfumes, and quasi-drugs in Japan, Indonesia, and internationally. It offers a range of products, including men's everyday grooming products, as well as general fashion items, such as hair styling, skin care, and body care products; and hair coloring, scalp care, and face care products under the Gatsby and Lúcido brands. The company also provides a range of women's grooming and fashion items, such as hair styling and body care products comprises make-up and skin care items, as well as hair styling, coloring, and treatment products under the Bifesta, Pixy, Lúcido-L, and Pucelle brands. In addition, it offers professional-use products and technologies to hair salons through distributors; and provides insurance agency, travel, and general services. Mandom Corporation sells its products to drug stores and convenience stores through distributors. The company was formerly known as Tancho Corporation and changed its name to Mandom Corporation in April 1971. Mandom Corporation was founded in 1927 and is headquartered in Osaka, Japan.

How the Company Makes Money

Mandom generates revenue primarily through the sale of its personal care products across different markets, with a significant focus on the Asian region. The company's revenue model is based on direct product sales to consumers through retail channels, including supermarkets, drugstores, and e-commerce platforms. Key revenue streams include the sales of hair care products, skincare items, and cosmetics. Mandom also engages in strategic partnerships with distributors and retailers to enhance product visibility and accessibility. Additionally, the company invests in marketing and brand promotion to drive consumer engagement and increase market share, contributing to its overall earnings.

Mandom Financial Statement Overview

Summary

Financials are stable but mixed. The balance sheet is strong with low leverage (debt-to-equity ~0.10), but profitability is modest (TTM operating margin ~3.6%, net margin ~2.8%) and TTM revenue is slightly down (-1.4%). Cash flow is positive, yet cash conversion is weak (operating cash flow ~0.27x net income; FCF ~0.59x net income), which is a key risk.

Income Statement

TTM (Trailing-Twelve-Months) revenue is slightly down (-1.4%), but the business has shown a multi-year recovery from the 2022 downturn, with annual revenue rising meaningfully from 2022 to 2025. Profitability is modest: TTM gross margin is solid (~46%), but operating profitability is thin (TTM operating margin ~3.6%) and net margin remains low (~2.8%). Earnings improved versus 2022 and 2023, yet margins have compressed versus 2024 levels, suggesting either higher costs, weaker pricing/mix, or heavier spending.

Balance Sheet

The balance sheet is conservatively positioned with low leverage: TTM debt is ~¥6.8B against ~¥70.8B of equity (debt-to-equity ~0.10). Asset base is stable (TTM assets ~¥96.3B) and returns on equity are positive but modest (TTM ~3.1%), reflecting low financial risk but also limited profitability. One watch-out is that debt rose notably versus recent annual periods, although it remains manageable relative to equity.

Cash Flow

Cash generation is positive but less convincing in the most recent period. TTM operating cash flow (~¥3.5B) and free cash flow (~¥2.1B) are positive, and TTM free cash flow growth is strong off a lower base. However, cash conversion is weak: TTM operating cash flow is low relative to reported earnings (coverage ~0.27), and free cash flow is only ~0.59x net income, pointing to working-capital or timing headwinds. Prior annual periods showed better operating cash flow strength, so the TTM softness is a key risk to monitor.

Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	78.24B	76.18B	73.23B	67.05B	57.36B	63.31B
Gross Profit	35.96B	32.90B	31.53B	28.68B	23.40B	29.43B
EBITDA	6.98B	6.59B	8.58B	6.85B	4.82B	6.28B
Net Income	2.16B	1.86B	2.60B	958.00M	-621.00M	860.00M
Balance Sheet
Total Assets	96.26B	97.49B	93.27B	91.00B	85.77B	87.91B
Cash, Cash Equivalents and Short-Term Investments	29.54B	29.12B	26.98B	21.49B	20.02B	16.14B
Total Debt	6.78B	95.00M	102.00M	142.00M	226.00M	3.69B
Total Liabilities	19.05B	20.82B	20.06B	19.82B	16.72B	18.20B
Stockholders Equity	70.79B	69.89B	66.52B	65.12B	63.32B	64.22B
Cash Flow
Free Cash Flow	2.10B	3.12B	5.06B	2.45B	5.60B	-2.67B
Operating Cash Flow	3.55B	4.92B	6.81B	4.07B	7.69B	6.21B
Investing Cash Flow	-2.78B	-2.08B	-887.00M	-1.26B	-185.00M	-5.68B
Financing Cash Flow	-1.17B	-2.20B	-2.11B	-2.07B	-5.38B	1.13B

Mandom Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2758.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Negative
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:4917, the sentiment is Positive. The current price of 2758 is below the 20-day moving average (MA) of 3129.25, below the 50-day MA of 3012.26, and above the 200-day MA of 2120.06, indicating a bullish trend. The MACD of 29.26 indicates Positive momentum. The RSI at 73.36 is Negative, neither overbought nor oversold. The STOCH value of 71.52 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:4917.

Mandom Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
4912	76 Outperform	¥508.74B	18.43	9.77%	1.73%	2.18%	60.81%
4452	70 Outperform	¥3.05T	25.64	11.70%	2.41%	4.62%	47.68%
4922	69 Neutral	¥357.25B	23.54	2.72%	2.61%	1.37%	-5.60%
4927	69 Neutral	¥304.52B	32.19	6.05%	3.92%	-1.16%	36.30%
4917	63 Neutral	¥139.90B	67.36	2.73%	1.45%	3.95%	-25.42%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
4911	58 Neutral	¥1.29T	-31.81	―	2.11%	-1.20%	-2896.72%

Mandom Corporate Events

Mandom Posts Sharply Higher Earnings but Suspends Dividends for FY2025

Mandom Corporation reported consolidated net sales of ¥59.19 billion for the nine months ended December 31, 2025, a 3.6% year-on-year increase, with operating income more than doubling to ¥2.89 billion and net income attributable to owners of the parent rising 16.6% to ¥2.12 billion, reflecting improved profitability despite a sharp decline in comprehensive income. The company maintained a solid financial position with total assets of ¥96.26 billion and an equity ratio of 73.5%, but it has set its interim and full-year dividends for the fiscal year ending March 31, 2026 at zero, even as it forecasts modest full-year sales growth to ¥78.6 billion and a 162.6% jump in operating income, signaling a focus on strengthening earnings and balance sheet resilience rather than immediate shareholder payouts.

The most recent analyst rating on (JP:4917) stock is a Buy with a Yen3541.00 price target. To see the full list of analyst forecasts on Mandom stock, see the JP:4917 Stock Forecast page.

Mandom Updates MBO-Related Tender Offer Notice After Bid Price Change and Forecast Revision

Mandom Corporation has issued another amendment notice related to its earlier board statement supporting a management buyout (MBO) and recommending shareholders tender their shares into a takeover bid by Kalon Holdings Co., Ltd. The latest revision follows Kalon’s January 28, 2026 change to the tender offer price for Mandom’s common shares and the company’s same-day revision of its financial results forecasts, which required Kalon to file an updated Tender Offer Registration Statement and extend the tender period to February 12, 2026. While Mandom confirms that, as of January 29, 2026, its formal opinion in favor of the tender offer remains unchanged from its December 4, 2025 position, it reiterates that this stance may change in the future and urges shareholders to closely monitor further disclosures as the MBO and tender process continues to evolve.

The most recent analyst rating on (JP:4917) stock is a Buy with a Yen3480.00 price target. To see the full list of analyst forecasts on Mandom stock, see the JP:4917 Stock Forecast page.

Mandom Updates Tender Offer Notice After Kalon Files Further Amendment

Mandom Corporation announced that Kalon Holdings Co., Ltd., which has been pursuing a tender offer for Mandom’s shares since September 2025, has filed yet another amendment to its Tender Offer Registration Statement with the Kanto Local Finance Bureau as of January 28, 2026. As a result, Mandom’s prior notice regarding the commencement and subsequent amendments and extensions of the tender offer will be revised in line with the latest filing, underscoring the ongoing, heavily regulated and evolving nature of the proposed transaction and signaling continued procedural adjustments that shareholders and market participants must monitor closely.

The most recent analyst rating on (JP:4917) stock is a Buy with a Yen3480.00 price target. To see the full list of analyst forecasts on Mandom stock, see the JP:4917 Stock Forecast page.

Mandom Cuts Full-Year Earnings Forecast on Weak Sales and MBO Costs

Mandom Corporation has sharply revised down its consolidated earnings forecast for the fiscal year ending March 31, 2026, cutting projected net sales from ¥84.32 billion to ¥78.6 billion and reducing expected operating income by 22.9% as weaker performance in major domestic brands, sluggish exports in Indonesia, and delayed recovery and fierce competition in other overseas markets weigh on results. Current net income attributable to owners of the parent is now forecast to fall about 25% below the previous estimate despite higher gains from securities sales, reflecting both the shortfall in sales and additional expenses related to the implementation of a management buyout, signaling ongoing profitability pressures as the company navigates challenging market conditions in Asia.

The most recent analyst rating on (JP:4917) stock is a Buy with a Yen3480.00 price target. To see the full list of analyst forecasts on Mandom stock, see the JP:4917 Stock Forecast page.

Mandom Updates MBO-Related Tender Offer Disclosure as Kalon Revises Bid Terms

Mandom Corporation announced further amendments to its previously disclosed statements supporting a management buyout (MBO) and recommending that shareholders tender their shares, reflecting updates tied to changes in the tender offer for its common stock by Kalon Holdings Co., Ltd. The latest revisions arise from Kalon’s amended tender offer registration, which incorporates an agreement involving Hibiki Path Advisors regarding transfer and description of tender-related shareholdings, an extension of the tender offer period to January 29, 2026, and disclosure that Mandom has received a legally binding letter of intent from Kohlberg Kravis Roberts & Co. L.P. on a potential take-private transaction; despite these developments, Mandom states that its previously expressed favorable opinion on the ongoing tender offer remains unchanged as of January 16, 2026.

The most recent analyst rating on (JP:4917) stock is a Hold with a Yen3193.00 price target. To see the full list of analyst forecasts on Mandom stock, see the JP:4917 Stock Forecast page.

Kalon Files Further Amendment to Tender Offer for Mandom Shares

Kalon Holdings Co., Ltd., which has been conducting a tender offer for the shares of Mandom Corporation since September 2025, has filed yet another amendment to its Tender Offer Registration Statement with the Kanto Local Finance Bureau as of January 15, 2026. As a result, Mandom announced that the original tender offer commencement notice and its previous amendments, including those related to extensions of the tender offer period, will be revised accordingly as detailed in an attached document, underscoring the ongoing, highly regulated nature of the bid process and signaling continued adjustments to the terms or conditions of the offer for shareholders and market participants.

The most recent analyst rating on (JP:4917) stock is a Buy with a Yen3061.00 price target. To see the full list of analyst forecasts on Mandom stock, see the JP:4917 Stock Forecast page.

Mandom Tasks Special Committee to Evaluate KKR Take-Private Proposal Amid Competing Tender Offer

Mandom Corporation announced that it has received a legally binding letter of intent from Kohlberg Kravis Roberts & Co. L.P. (KKR) to take the company private via a tender offer for its common shares followed by a squeeze-out, constituting a new competing transaction to the ongoing tender offer by Kalon Holdings. In response, Mandom’s board on January 14, 2026 resolved to formally commission its Special Committee to evaluate the KKR proposal, specifically to assess whether the tender offer terms are fair, whether the transaction contributes to corporate value and the interests of general shareholders, and whether the board should support and recommend shareholders to tender, while two representative directors recused themselves from the deliberations to mitigate conflicts of interest and all statutory auditors raised no objections. This development intensifies the contest for control of Mandom, with the company leveraging its previously introduced response policy to large-scale share acquisitions and a structured governance process to secure the most favorable outcome for its shareholders.

The most recent analyst rating on (JP:4917) stock is a Buy with a Yen3061.00 price target. To see the full list of analyst forecasts on Mandom stock, see the JP:4917 Stock Forecast page.

Mandom Extends MBO Tender Offer Timeline as Major Shareholder Commits to Tender Shares

Mandom Corporation announced a further partial amendment to its previous statements supporting the management buyout and recommending shareholders tender their shares, reflecting new developments in the ongoing tender offer for its stock by Kalon Holdings. The update follows Kalon Holdings’ agreement with Ogawa & Co. Ltd. for Ogawa to tender all of its Mandom shares and not withdraw them, and the resulting filing of an amended Tender Offer Registration Statement that, among other changes, extends the tender offer period to January 20, 2026. Despite these procedural changes, Mandom stated that its board’s positive opinion on the tender offer remains unchanged as of January 6, 2026, signaling continued support for the MBO process and providing shareholders with additional time and clarity as a major shareholder has committed to participate.

The most recent analyst rating on (JP:4917) stock is a Hold with a Yen2930.00 price target. To see the full list of analyst forecasts on Mandom stock, see the JP:4917 Stock Forecast page.

Kalon Holdings Files Further Amendment to Mandom Tender Offer Registration

Mandom Corporation announced that Kalon Holdings Co., Ltd., which has been conducting a tender offer for Mandom’s shares since late September 2025, has filed yet another amendment to its Tender Offer Registration Statement with the Kanto Local Finance Bureau as of January 5, 2026. As a result, the original notice regarding the commencement of the tender offer and its subsequent amendments and tender offer period extension will be revised again, with details set out in an attached document. The repeated amendments and extensions underscore the complexity and evolving nature of the takeover process, and may influence the timing, terms, and certainty of the transaction for Mandom’s shareholders and other stakeholders. This release was issued by Mandom at the formal request of Kalon Holdings, the tender offeror, under Japan’s Financial Instruments and Exchange Act.

The most recent analyst rating on (JP:4917) stock is a Hold with a Yen2930.00 price target. To see the full list of analyst forecasts on Mandom stock, see the JP:4917 Stock Forecast page.

Mandom Corporation Announces Amendments to MBO and Tender Offer

Mandom Corporation announced amendments to its previous press releases regarding a management buyout (MBO) and tender offer for its shares. The amendments were necessitated by a non-binding letter of intent from a third-party candidate to take the company private, prompting changes to the tender offer registration statement and an extension of the tender offer period to January 5, 2026. These developments could impact the company’s market positioning and shareholder decisions.

The most recent analyst rating on (JP:4917) stock is a Buy with a Yen2690.00 price target. To see the full list of analyst forecasts on Mandom stock, see the JP:4917 Stock Forecast page.

Kalon Holdings Amends Tender Offer for Mandom Corporation

Kalon Holdings Co., Ltd. has filed an amendment to its tender offer registration statement for acquiring shares of Mandom Corporation, as required by the Financial Instruments and Exchange Act. This amendment reflects ongoing adjustments in the tender offer process, which could impact Mandom’s market position and stakeholder interests.

The most recent analyst rating on (JP:4917) stock is a Buy with a Yen2690.00 price target. To see the full list of analyst forecasts on Mandom stock, see the JP:4917 Stock Forecast page.

Mandom Corporation Amends MBO Opinion Amid Acquisition Talks

Mandom Corporation has announced an amendment to its previous notice regarding its opinion on a management buyout (MBO) and recommendation to tender shares, in light of a large-scale acquisition attempt by City Index Eleventh Co., Ltd. The company has been exploring alternative acquisition proposals to enhance corporate value and shareholder interests, and has received a non-binding letter of intent from a third-party candidate about taking the company private. However, the company maintains its neutral stance on the tender offer, leaving the decision to shareholders.

The most recent analyst rating on (JP:4917) stock is a Buy with a Yen2690.00 price target. To see the full list of analyst forecasts on Mandom stock, see the JP:4917 Stock Forecast page.

Kalon Holdings Amends Tender Offer for Mandom Corporation

Kalon Holdings Co., Ltd. has filed an amendment to the tender offer registration statement for Mandom Corporation, necessitating changes to the initial notice of the tender offer. This move is part of a series of amendments aimed at acquiring shares of Mandom Corporation, indicating ongoing strategic maneuvers that could impact Mandom’s market position and shareholder interests.

The most recent analyst rating on (JP:4917) stock is a Buy with a Yen2690.00 price target. To see the full list of analyst forecasts on Mandom stock, see the JP:4917 Stock Forecast page.

Mandom Corporation Updates Tender Offer Details Amidst Ongoing Acquisition Discussions

Mandom Corporation announced amendments to its previous press release regarding the Management Buyout (MBO) and tender offer by Kalon Holdings Co., Ltd. The changes include an extension of the tender offer period and an increase in the tender offer price. The company’s board maintains a neutral stance on recommending shareholders to tender their shares, as they are exploring other acquisition proposals to enhance corporate value.

The most recent analyst rating on (JP:4917) stock is a Buy with a Yen2690.00 price target. To see the full list of analyst forecasts on Mandom stock, see the JP:4917 Stock Forecast page.

Mandom Reviews Amended Tender Offer Terms by Kalon Holdings

Mandom Corporation announced a response to an amendment statement filed by Kalon Holdings Co., Ltd. regarding a tender offer for Mandom’s common shares. The amendment includes changes to the purchase terms, notably adjusting the share price to 2,520 yen. Mandom’s board will evaluate these changes to determine their impact on corporate value and shareholder interests, with a decision on their stance forthcoming.

The most recent analyst rating on (JP:4917) stock is a Buy with a Yen2690.00 price target. To see the full list of analyst forecasts on Mandom stock, see the JP:4917 Stock Forecast page.

Kalon Holdings Amends Tender Offer for Mandom Corporation

Kalon Holdings Co., Ltd. has filed an amendment to its tender offer registration statement for Mandom Corporation, necessitating changes to the initial notice regarding the tender offer. This amendment reflects ongoing adjustments in the acquisition process, which may impact Mandom’s market position and shareholder interests.

The most recent analyst rating on (JP:4917) stock is a Buy with a Yen2690.00 price target. To see the full list of analyst forecasts on Mandom stock, see the JP:4917 Stock Forecast page.

Kalon Holdings Extends Tender Offer for Mandom Corporation

Kalon Holdings Co., Ltd. has announced an extension of the tender offer period for Mandom Corporation’s shares, initially set to conclude on November 19, 2025, now extended to December 4, 2025. This extension aims to provide Mandom’s shareholders more time to consider the offer, potentially increasing the success rate of the tender offer, and reflects the market conditions and shareholder responses since the offer’s commencement.

The most recent analyst rating on (JP:4917) stock is a Buy with a Yen2690.00 price target. To see the full list of analyst forecasts on Mandom stock, see the JP:4917 Stock Forecast page.