Almado, Inc. (4932) AI Stock Analysis

• Market Cap: ¥9.33B
• Dividend Yield: 5.92%
• Average Volume (3M): 37.80K
• Price to Earnings (P/E): 19.2
• Beta (1Y): 0.97
• 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: -4.25
• 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: ¥1,006.00 ▼(-10.42% 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

Recurring revenue mix

A subscription-heavy business model with cloud services, custom development and digital marketing creates predictable, recurring revenue and higher customer lifetime value. Diversified streams and platform integrations improve resilience and cross-sell potential, supporting steady revenue over months.

Strong revenue growth

Sustained ~24% revenue growth signals expanding market penetration and demand for Almado's services. Growth at this scale provides operating leverage opportunities, enabling reinvestment in products and sales capability while helping to absorb fixed costs and support margin stability over the medium term.

Stable gross and operating margins

Robust gross margins and steady EBIT/EBITDA margins point to effective cost control and scalable operations. Margin stability across core services enhances long-term profitability potential, funding R&D and go-to-market spend without immediate erosion of unit economics.

Negative Factors

Rising leverage

An increased debt-to-equity ratio raises financial risk by reducing balance sheet flexibility. Higher leverage can amplify cash strain if revenue or margins weaken, increase interest expense, and limit capacity for discretionary investment or opportunistic M&A during the next several quarters.

Declining free cash flow

A meaningful drop in free cash flow driven by negative operating cash flow undermines the company's ability to self-fund growth, pay down debt, or sustain dividends. Persistent operating cash shortfalls could force external financing and constrain strategic initiatives over a multi-quarter horizon.

Earnings pressure

Negative EPS growth and a slight decline in net profit margin indicate rising expense pressure or one-off costs that are hitting the bottom line. Without margin recovery or improved cash conversion, profitability weaknesses could persist and limit retained earnings and investor returns.

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.

How the Company Makes Money

Almado, Inc. generates revenue through multiple key streams. Primarily, the company earns money by offering subscription-based cloud services which provide clients with scalable storage and computing power. Additionally, Almado charges for custom software development projects, allowing businesses to tailor applications to their specific needs. Revenue is also generated from digital marketing services, where Almado helps clients improve their online presence through targeted campaigns and analytics. Strategic partnerships with technology firms and integration with popular platforms further enhance Almado's market position, contributing to consistent revenue growth.

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	6.51B	5.89B	5.07B	4.35B	3.32B	2.80B
EBITDA	699.11M	982.63M	983.22M	855.74M	853.59M	558.82M
Net Income	460.97M	650.41M	695.46M	585.80M	582.21M	367.96M
Balance Sheet
Total Assets	4.83B	4.72B	3.83B	3.67B	3.36B	2.98B
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	675.56M	667.67M
Stockholders Equity	669.08M	1.87B	1.88B	2.33B	2.69B	2.32B
Cash Flow
Free Cash Flow	0.00	-243.98M	834.63M	704.62M	250.50M	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: Positive
• RSI: Positive
• STOCH: Neutral

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 1047.90, above the 50-day MA of 1099.30, and above the 200-day MA of 1103.58, indicating a bearish trend. The MACD of -57.66 indicates Positive momentum. The RSI at 29.64 is Positive, neither overbought nor oversold. The STOCH value of 41.32 is Neutral, 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	¥19.34B	7.98	―	0.91%	13.12%	27.53%
4932	68 Neutral	¥9.33B	19.19	―	5.92%	22.86%	-32.11%
4925	63 Neutral	¥6.95B	10.29	―	2.38%	-0.79%	―
4936	63 Neutral	¥9.11B	24.70	―	2.65%	11.87%	-31.02%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
4926	58 Neutral	¥5.84B	24.38	―	1.68%	8.46%	―
4934	52 Neutral	¥6.80B	14.63	―	―	-19.42%	―