Almado, Inc. (4932) AI Stock Analysis

• Market Cap: ¥8.80B
• Dividend Yield: 5.92%
• Average Volume (3M): 37.80K
• Price to Earnings (P/E): 4.4
• Beta (1Y): 0.94
• Revenue Growth: 22.86%
• EPS Growth: -32.11%
• Country: JP
• Employees: 55
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Household & Personal Products
• EPS (TTM): 63.72
• Shares Outstanding: 10,394,000
• 10 Day Avg. Volume: 24,640
• 30 Day Avg. Volume: 37,796
• PEG Ratio: -4.19
• Price to Book (P/B): 5.08
• Price to Sales (P/S): 1.12
• P/FCF Ratio: -38.99
• 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: 68 Neutral
• Price Target: ¥948.00 ▼(-15.58% Downside)
• Action: Reiterated Date: 10/25/25
• Date: Action: Reiterated 10/25/25

Almado, Inc. has a solid financial foundation with strong revenue growth and stable margins, but increased leverage and negative cash flow are concerns. The technical indicators suggest a bearish trend, but the valuation is reasonable with a high dividend yield, offering income potential.

Positive Factors

Sustained Revenue Growth

A ~24% revenue growth rate indicates expanding product adoption and market penetration that is likely to persist over months. Sustained top-line expansion supports reinvestment in R&D, scale economies and distribution, improving the company’s ability to fund growth without relying solely on external capital.

Stable Gross and Operating Margins

Robust gross margins and stable EBIT/EBITDA margins point to durable cost control and pricing power in core products. Consistent operating profitability supports free cash flow generation potential and provides a buffer against input cost swings, underpinning long-term margin sustainability.

Healthy Equity Base and Strong ROE

A healthy equity ratio combined with strong ROE implies efficient use of shareholder capital and a solid capital structure. This provides resilience in downturns, supports strategic investments, and improves access to financing on reasonable terms, benefiting long-term financial flexibility.

Negative Factors

Rising Leverage

An increased debt-to-equity ratio raises fixed interest obligations and reduces financial flexibility. Over a multi-month horizon higher leverage magnifies downside risk if growth slows or margins compress, constraining the firm’s ability to invest, service debt, or respond to shocks without dilutive financing.

Declining Free Cash Flow / Weak Operating Cash

A meaningful drop to negative operating cash flow undermines internal funding for capex, working capital and debt repayment. If persistent, weak cash generation forces dependence on external funding or asset sales, limiting strategic options and increasing execution risk over the medium term.

Eroding Net Profit Margin

A declining net margin, even if modest, signals rising operating or non‑operating costs that can steadily erode returns if not addressed. Over months this trend can compress retained earnings and free cash flow, reducing the company’s capacity to invest in growth or deleverage without margin recovery.

Almado, Inc. Business Overview & Revenue Model

Company Description

Almado, Inc. engages in the planning, development, and sale of cosmetics and supplements in Japan. The company offers basic cosmetics, makeup cosmetics, supplements, and quasi-drugs under the TO-II, Ode, CELLULA, Type III, AMF, Almado La Dina, and other brands. It also operates online stores for its products. The company was incorporated in 2000 and is headquartered in Tokyo, Japan.

Almado, Inc. Financial Statement Overview

Summary

Almado, Inc. shows strong revenue growth and stable margins, but increased leverage and recent negative cash flow are concerns. The company has a solid equity position and potential for recovery if cash flow management improves.

Income Statement

Almado, Inc. has demonstrated strong revenue growth over the past years, with a notable increase from 2024 to 2025. The gross profit margin remains robust, indicating effective cost management. However, the net profit margin has slightly decreased, suggesting increased expenses or other cost pressures. EBIT and EBITDA margins are stable, reflecting consistent operational efficiency.

Balance Sheet

The company's debt-to-equity ratio has increased, indicating higher leverage, which could pose a risk if not managed properly. However, the equity ratio remains healthy, and return on equity is strong, suggesting effective use of shareholder funds. The increase in total assets and equity over time reflects a solid financial position.

Cash Flow

Almado, Inc. experienced a significant decline in free cash flow in 2025, primarily due to negative operating cash flow. This raises concerns about cash generation capabilities. However, the company has previously shown strong free cash flow growth, and the operating cash flow to net income ratio indicates potential for recovery if operational challenges are addressed.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	9.24B	8.48B	7.54B	6.53B	5.37B	4.55B
Gross Profit	6.50B	5.89B	5.06B	4.33B	3.30B	2.78B
EBITDA	697.09M	978.24M	976.55M	847.45M	852.31M	548.27M
Net Income	461.63M	650.41M	695.46M	585.80M	582.21M	367.96M
Balance Sheet
Total Assets	4.83B	4.72B	3.83B	3.67B	3.37B	2.99B
Cash, Cash Equivalents and Short-Term Investments	1.18B	1.57B	1.51B	1.39B	1.18B	1.13B
Total Debt	3.31B	2.11B	1.00B	551.89M	72.79M	73.66M
Total Liabilities	4.16B	2.85B	1.95B	1.34B	679.65M	670.28M
Stockholders Equity	669.08M	1.87B	1.88B	2.33B	2.69B	2.32B
Cash Flow
Free Cash Flow	0.00	-243.98M	837.29M	711.75M	0.00	640.85M
Operating Cash Flow	0.00	-189.09M	846.27M	711.75M	260.42M	653.96M
Investing Cash Flow	0.00	-108.06M	-1.58M	-7.13M	-9.72M	-13.11M
Financing Cash Flow	0.00	354.84M	-720.19M	-492.02M	-208.23M	-50.84M

Almado, Inc. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1123.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:4932, the sentiment is Negative. The current price of 1123 is above the 20-day moving average (MA) of 905.35, above the 50-day MA of 1039.14, and above the 200-day MA of 1091.55, indicating a bearish trend. The MACD of -46.16 indicates Negative momentum. The RSI at 27.42 is Positive, neither overbought nor oversold. The STOCH value of 8.47 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:4932.

Almado, Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
4933	71 Outperform	¥19.16B	33.88	―	0.91%	13.12%	27.53%
4932	68 Neutral	¥8.80B	4.41	―	5.92%	22.86%	-32.11%
4925	63 Neutral	¥6.81B	12.52	―	2.38%	-0.79%	―
4936	63 Neutral	¥7.98B	-49.92	―	2.65%	11.87%	-31.02%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
4926	58 Neutral	¥5.67B	-33.12	―	1.68%	8.46%	―
4934	52 Neutral	¥5.41B	42.42	―	―	-19.42%	―